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| A couple of things might suggest that this could be extremely risky, Ray. First, the obvious target on the Dec corn is still just under 3.00, although even if it goes there, it doesn't have to in the Dec. Second, the El Nino that has frustrated so many modelers for much of this year finally seems to have moved into official El Nino territory. My guess, FWIW, is that this could set up a reactive move into La Nina territory by early summer. I've been extremely bearish corn, but I'm going to watch very closely after the Holidays for signs of this. Your "bungy cord" market could very easily happen before July futures expire this year, IMHO. | |
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Strangle it!
