pastures in the fall many go into the feed lots. Buy the time June rolls around many are ready for market and this causes the slaughter numbers to move up and prices to ease.

Conversely hog conception rate is not as good during the hot summer months causing the winter farrowings to dip mildly and piglet death losses are higher during cold weather causing June hog slaughter to dip and prices to strengthen and pattern can be traded by selling the June cattle/hog spread starting in January.

This trade treated me very well for the 2022 edition and so I started looking at the 2023s.

To my surprise, it hit 50.15 last week.

I should have sold at the level but didn't.

Perhaps there will be another opportunity to sell it above 50.

Best wishes,

D. H. Murray