created a hog market like we have never seen before and there is still plenty of uncertainty remaining. My emotions have swung back and forth from to bullish to bearish and back to bullish relative to the NNNs. Their weakness this evening closes their gap to the index to 0.38. From the afternoon reports the model projects that the component on the 7/10 kill will be up between +0.45 and +0.75. It just might be that the index will nudge the NNNs up a little bit going into cash settlement.

In 2005 the Index tacked on a couple of points from this date until expiry. Packers did not have a very good Thursday purchase going by the time the afternoon reports came out. This may keep their bids firm on Friday so I am going to stay long the NNNs.

Best wishes,

dhm