understandably they wrote vmr with themselves in mind.   a lot of times we were "naked" on our hogs, but most of the times we ran ghost trades to see if we were leaving anything on the table.    one time we got caught with some hedges in a up market with vmr,  I did not look like a hero then.
 
    somebody can correct me if I am wrong, but I think the guys in Austin are probably a little more willing to tailor a program to a producers liking. as long as a producer follows their, at times pretty stringent rules.   we have several independent producers in the area, that send hogs there, we custom feed for one, and I never get the full story of any agreements, the snippets I do get all have some different elements involved.