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| Thin markets. I see no trade yet in the March 09....it closed at 4.5 cents premium on the March. In a typical year, the March would be expected to trade 24-26 premium over the November; however, this is not a typical year. The carry is a function of projected carryout, expected spot demand and interest rates. Typically, I would not expect a trend to wider carrying charges, March over November, until March of 08 when more is known about acreage intentions; at least this is the past type of action in that spread. | |
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Nov. 08 - Mar 09 bean spread
