Be careful taking advice from Farmer Ed.
He doesn't trade hogs at all. He grows a few though.
I do think that the K/M spread at -$3 is a very low risk trade.
cash hogs tend to be in very strong demand in May because of;
1] demand is strong filling the shelves for Memorial day, the 1st big grilling holiday of summer.
2] the seasonal cycle of sow conception means the number of market hogs is falling [previous summer breeding]
3] the market waits for the actual kill numbers to fall before they overreact to the upside.
Note; I talk hogs better than I trade them