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I've been keeping an eye on this particular spread for a while now as I like the look of the seasonal window and it appears to be setting up nicely.

I've been hesitant to enter though, given the underlying strength we've seen in lean hogs.

Yesterday was more of the same hogs with talk that there was large buying going into July 4th, which is traditionally the largest BBQ date of the year.

In this instance I see strength in hogs which is bad for us, however the spread held up really strongly given the action. That said Hogs appeared to be driving the overall meat market and we saw gains in both live and feeder cattle.

Just something I thought I'd point out as it makes me like this one even more.