7/8/14 was up $0.82 and the model projects that the CME component on the 7/8/14 kill will be up between +0.60 to +0.90. The HEN4 futures are trading premium to the index by 2.58. It seems that each time the component moves up a little, the NNNs jump to keep the gap quite wide.

The morning reports show that packers made only a fair-sized purchase yesterday. The 6-day moving average carcass weight is now declining. This means that heavy hogs are not adding as much extra pork as they were. Yesterday it looked like packers were pulling some of their hogs forward. I will be interested to see if this trend shows up again today.

I'm still long the NNNs.

Best wishes,

dhm