always end and the often do so very abruptly as you said.

I'm finding that I do much better on the calendar spreads than on the out-rights but but I don't seem to be able to help myself - I just put out-rights on over and over again. Sometimes they work and sometimes they don't. The spreads, on the other hand, seldom dish out a loss to me. This morning I piled another long Q/V onto my boat at 9.05 and was waiting for the spread to drop to 8.80 and I would have piled on a bunch more but that didn't happen.

Ka! Ching!! Just off-loaded that Q/V spread. Still have plenty more on deck waiting for a chance to get off.

Relative to the H&P report, my bias is that there may be a few more hogs come to market this fall that what the last H&P report suggested. Maybe not a lot more but enough to keep the long Q/Vs from being too problematic.

Best wishes,

dhm