don't follow the cattle market very much so consequently don't have much of a feel for what is happening there so I trade the cattle/hog spread. Sometimes I am in and out during the day and other times the spread will hang around for weeks and weeks. I have only been following it for a couple of years since you mentioned it and I get the impression that the spread generally closes as it moves toward expiration. Last year it REALLY closed with the hogs going premium to the cattle.

It just seems to me that cattle being premium to hogs by +40 is a little much.

Thanks again,

dhm