continues to drop. Today it eased to 213.39#. That is +9.50# year over year which is enough to add a lot of pork to the daily production. Both packer and non-packer hogs were mildly lighter weight.

Hog numbers continue to slide. The scheduled numbers today show packers have 119K fewer hogs than on this date last year. That's a decline of 5.32% putting it in line with the last H&P report.

From the noon reports the model projects that the Purchase Index will be up $0.61 and the component on today's kill will be up between 0.45 and +0.75. Based on this, I'm expecting the cash settlement index for the NNNs to be something like 134.10. The model turned out to be a great tool for trading the NNNs.

Now to see if it will keep me on the right side of the market for trading the QQQs.

Best wishes,

dhm