the Q/V spread. The Q/V is my favorite hog calendar spread and I like to trade it from the long side. Today I came into the opening with some longs and I have now taken profits on four of them and am ready to reload my boat when/if they dip.

On average over the past eight years the spread has gone to cash settlement at +13.46. The highest cash settlement was 19.75 printed in 2014 and the lowest was 3.15 in 2018. The eight year average spread on this date has been 11.35 and prior to today the highest it has been was 13.40 set in 2014. The lowest was 8.80 set in 2016. From this you can see that it is trading at higher than usual levels today but I am reluctant to get very short on it. Now that I have taken some profits, I prefer to patiently wait for a dip and then re-load from the long side. I suppose if my bias is that it is going to dip so that I can reload, I should get short but I choose not to do that.

It appears that Dewey and I did NOT take a trip to Abilene with our long summer futures. I took profits on a couple of them this morning also and have more to sell or space on my boat to buy if they dip again. Buying dips and selling rallies on the summer futures is working well for me and I am HODLing (Holding On for Dear Life) a few of them in case the ASF gets out of hand.

Best wishes,

Doc