Was that big run the "Payment-In-Kind" rally? While the chart looks like there was money to be made...there was none. You could not have sold the top price (except maybe in the cash market). You would have had to trade the front month long into delivery to get the upside. The following months were 30-40% BELOW the front trading price. It was all a W.D. Scam.
p.s. The worst delivery a spec could get was #11 Sugar..... delivery was FOB anywhere in the world. If you got a Live Hog delivery one of you hogs died every single time...i.e. a live hog of yours was thrown over the fence and a dead one was put in its place. The CME has always been without morals. Hillary traded cows with Ray E Friedman Co. (REFCO). Simple strategy of buying a spread in the a.m and selling the spread in the p.m. "account number later" and giving HRC account the profitable side and the house ate the loss side.