NOT participate in this most unusual bull run that hit the GGGs and I noticed that it also surprised me and continues to surprise me on the strength of the GGGs. I did not see this coming although I participated in it by carefully watching the fundamentals and staying long the GGGs based on the projections that the hog pricing model was giving me day-by-day that the Index was going up the next day.

Sometimes when there is a demand driven bull market, when the next month takes over as front month, the bull spreads work again with the next month driving higher. If this demand continues, I would suspect that April will put in quite a surprise rally just as the Feb has done. I know that I am going to be working my model looking for a clue relative to the continued strength of demand.

Your clients you have kept un-hedged with the GGGs should be very happy now. I hope my fundamental information was of some value to you. I know my Hog Pricing Model turned out to be a great tool for me during this bull run. For me it was a bit like an S&P trader having tomorrow's Wall Street Journal today.

Best wishes,

dhm