7/10/14 was DOWN $0.04. The weakness was entirely in the "Negotiated" hogs. They made a very large jump in price on Wednesday so packers may have done a little "correcting".

The model projects that the CME component on the 7/10/14 kill will be up between 0.25 to 0.55. It appears that packers still have quite a few hogs scheduled at higher prices and this will probably push the index up today and maybe on Monday.

The HEN4 premium to the index has now been cut to 0.78 at last night's settlement. If the model is correct and yesterday's component jumps a little, it may cause traders to bump the NNNs up a little. I scalped out of some NNNs @ 132.70 and now have orders working to buy more NNNs on a dip back to the 132.20 level.

Best wishes,

dhm