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SC Iowa | Traditionally, the Z/N carry has gone to 35 cents with carryouts approaching 2 byn....but usually doesn't happen until post-harvest....at 31 cents, the market is offering a high percentage of normal maximum carry early in the marketing year......
Given that I expect a 50/50 chance of a weather event that will narrow that carry for at least a period of time, I wouldn't be afraid to roll the Dec hedge on out to July 11.....if you do that your next decision may be to decide when to lift it should that spread come back into 20 cents or less...
Ray J | |
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Hypothetical question
