There must be an art to trading hog spreads ! I am still trying to learn, but like you said, they seem to move randomly. I'm sure someone with a deeper knowledge of the market would have an edge. My type of strategy , with june hogs trading at $80 , is to buy a handful of $60 puts for $100 , or $70 for $600 and hold them forever ! Probably crazy unless june goes to 50 , but won't be out a lot of money.