in the example, the hog crush or GFM has a positive value of 92,500 and can also be expressed as a positive value of .33 per cwt of lean hogs (92,500 divided by 280,000 pounds). In July, a hog finisher plans for hogs to begin feeding in December. If the prices noted above are trading in July, the spread is profitable. To hedge the risk that prices may turn unfavorable by December, a hog ...