if this is the last washout or not. It did put in a new low with limit down, so I would have to label it a washout that may not be finished yet. At 73.15 June hogs will have that $5 range marked out but they seldom mark the range with perfection and under the circumstances a dollar or more overkill can be expected.
Having an extra day for the weekend gave me a chance to really overthink any or all of the markets I deal with. My hallucinations had me believing June hogs would retest the 74.00 support area and June cattle would put in a new contract high. I did not like the results concerning my cattle/hog spread if that happened------so I had no other choice but to use my fishing lines to see how it played out with sell stops on hogs @ 76.05 and a buy stop on cattle 118.50. Now I'm back to the drawing board for my attempts to get this years cattle/hog spread working.
I did start the first layer of June hedges for my producers @ 119.15 today. I told them it was a "test the waters trade" we will get aggressive at the 120-121 area. I hope that doesn't prove to be an over friendly Hallucination. I'm undecided at the moment, for another attempt to get long June hogs.