for Dec to happen until it becomes front month. The last 7-8 years, Oct hogs have a good track record of 5-7 dollar rallies the final 3-4 weeks of trade. The last 9 year cycle low(2007) it traded in a 2-3 dollar sideways range into expiration and then when Dec took over, it flushed the toilet for another 12-15 dollar drop. I kind of expect similar type of movement this 9 year cycle low.

The question is whether we see a 5-7 dollar round of profit taking for the 2 weeks of expiration trade or a $2 sideways trade. Either way I would guess the Oct/Dec spread stays in that 4.50-6.50 range. Most of my producers took their $10-$12 profit on 25-50% of their Oct production and now most have 40% of Dec production hedged @ 56-58. I have a handful of guys that take their Risk Management and trading seriously and they had 70% hedged between 56-58 and were forced to add another 10% yesterday @ 53.80-53.90. They didn't like it too well early yesterday but today they are happy campers.