There is often a little strength in the index this time of the year. If it happens this year, it may help the G/J a little. Historically over the past six-years on this date the spread has averaged -3.783 but it has been as low as -6.47 so I may have taken on too much risk. On average over the past six-years it has gone to cash settlement at -1.96 but in 2014 it dropped to -9.61.

As you know, there can be a lot of risk in trading these calendar hog spreads.

Best wishes,

dhm