Look at the Feb Lean Hog chart below. Then consider the current market data. Evaluate your expected net price from a short hedge, a put, a fence, and a synthetic put. Tell me the advantages and disadvantages of a fence and of a synthetic put. Relative to the current market information, which would you choose and why? 70 69 68 65 63 60 59 58 Feb Lean Hogs 10/8/09 $60.00 Strike Put prem Call Prem 56 58 60 62 64 2.75 3.50 4.40 4.35 3.40 2.65 53 50 49 Apr-14 May-05 May-26 Jun-16 Jul-07 Jul-28 Aug-18 Sep-08