smithfield and pork futures

["Robin Cotten" <rcotten@xxxxxxxxxxxx>]

1. You can't depend on using just 1 live hog future. You need M to
represent the summer highs and you need Z to represent the fall lows.
This year the drop was 40% and this isn't uncommon at all. So at a
minimum, average the 2 months together.

2. While most houses need futures at 5400 to breakeven, Smithfield's
break even is probably more like 5000.

3. This all assumes that corn is around today's prices.

Good luck,

Robin