planning to ask you about the June cattle/hog spread. I'm not quite brave enough to try to leg into it so will just place and order and give tthe market a change to get me in.

From my fundamental posts, I'm sure you are aware that today's strength in the hog market did not come as a surprise to me. It was the dip earlier in the week that was the surprise. Today is going to be a very good day if the bonds behave. Today Treasury is auctioning five-year notes at noon your time.

Best wishes,

dhm