odd problem with port command

[kevin beckford]

Ordinarily, I pull down the git repo into my home directory, sync from
there and install with sudo:

git fetch
port sync
port outdated
sudo port -u upgrade outdated

I can tweak a few things, such as adding lua support to vim, simple
upgrades of ports, etc. Works.

Foolishly I decided to try to update the port binaries, which were at
1.9.99.  Now when I try to install a port, or upgrade, I get this:

DEBUG: changing euid/egid - current euid: 0 - current egid: 0
DEBUG: egid changed to: 4294967294
DEBUG: euid changed to: 4294967294
DEBUG: could not read
"/Users/kb/src/trunk/dports/net/wireshark-devel/Portfile": permission
denied
    while executing
"file mtime ${portpath}/Portfile"
    (procedure "open_statefile" line 46)
    invoked from within
"open_statefile"
    (procedure "check_variants" line 29)
    invoked from within
"check_variants install"
    invoked from within
"$workername eval check_variants $target"
    (procedure "mportexec" line 5)
    invoked from within
"mportexec $workername install"
Error: Unable to upgrade port: could not read
"/Users/kb/src/trunk/dports/net/wireshark-devel/Portfile": permission
denied
To report a bug, see <http://guide.macports.org/#project.tickets>
[root:8va:0:~ ]#

As can be seen, I'm running this as root, so no permissions problems
should be seen.

Can anyone shed some light on this? I kind of need to install ruby :(