That's a keen observation Alan. Many people miss that. In fact Hogs is one of my favourite markets to spread. I don't spread a lot of markets, but when I'm in the mood for a spread trade I'll usually find something in the Hog market because of the notable differences between contract months.

Spring is usually a good time for a Hog spread. It's been a while, but I think it's the April/June spread that has a pretty good yield.

Thanks for pointing that out.

Erich