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| Conan,
While your logic is on track & probably is valid for some small percentage of grain traded, most commercial transactions are basis sales and futures are traded between the parties "off exchange". They just cancel each other out. (Open interest declines without adding any volume to the underlying contract) Granted, the buyer had to purchase those futures contracts at some point, but those long hedges could've been purchased long, long ago. | |
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GPRE looking for 1.1 byn gallons of ethanol exports
