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| I like these ideas and while mine don't agree with the both of yours, I do enjoy the discussion and chance to learn something new.
Cfdr it makes more sense, I'm going to look at it some more later on computer. Hard to read on phone.
We moved our hedges from Jun to Apr anticipating that spread is historically wide and basis in May should be really positive if it stays wide. If the spread narrows then basis should be weaker. Moved them at 10.30 last week. If it goes wider you throw more money at the fire in the form of spec position.
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Cattle
