LEAN HOGS

Cash hog prices were mostly .50 higher yesterday and we’re hearing that cash will be higher today. Blowing snow caused transportation problems in the MN yesterday, once again restricting the hog kill. The week’s kill is estimated at 2.300 million, or up about 3.5% from last year’s actual slaughter. Our guess is that the actual kill will come in smaller. Look for the product to catch and turn strong by the end of this week. We’re playing from the long side with our spec traders and holding a host of Feb 66 calls into expiration. We paid no more than 20 points to own these calls.

Dennis is bullish, and I am bearish! He is smarter than me however I hope I may be luckier! I seem to remember during Lent pork doesn't do too well! I also seem to remember "past performance is no guarantee of future profits"!!

Good luck to all!

Dewey