justifying that premium Aug has over the expired July. I tend to think it should have eaten some of that premium before July expired, so now I'm thinking its probably bait to tempt the trade jump on the short side for a trap. I passed last week to put some short term hedges for a few brave producers when it was at 82.00 and kicked myself all weekend for not doing it. I couldn't resist yesterday, to make the choice at 81.00 for some light hedges for a couple of my bravest producers. We are not going to get married to them.

I do believe Aug is ready to step over the edge into a new south pond between 76.50-78.50 but it could be a fake out and find support at 78.50. I'm having a hard time trusting anything I see with the hogs and that's starting to transfer over to the corn market. I've been itching to do some fishing since my fishing gear has been in the closet too long. My mind and instincts feel a little rusty, so I decided it was time to get my feet wet again. I snagged pair @ 79.47 today and was 10 cents away from getting forced out. I was really disappointed that it took half the day to get to 79.00. I'm still holding 1 short Aug waiting 78.50.