be telling us that the wash-out has a ways to go. All of this tariff talk may be unsettling to the export trade. If the export market dries up, pork could get mighty cheap this spring and summer.

My budget calls for me to get four points from June cattle/hog spreads this spring. I'm half way there and waiting for another pop higher. I only trade it as a spread. Don't dare trying to leg into it. I have a hard enough time just getting the spread in place and would mess it up royally if I were trying to leg into it.

The calendar spreads have really been active the past couple of days.

Best wishes,

dhm