| One more thing Pilot...coming back to the still evolving theory of energy being expressed in the spreads. When corn was inverted price collapsed, when corn went to a carry market, we quit going down. When beans were inverted we went lower, .....and lower and lower, and there still remains no carry in "X". Same for hogs and cattle. Currently, there is 88 cents carry between today futures and Dec 16' HRW futures. That is alot - likely way above norm on a crop that hasn't been planted yet. Call it risk premium or whatever you want, but it's not projecting a market that is staying down here...or so my theory goes!! |