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| You are looking at this wrong. Your math makes sense initially… but you get confused in spots.
If you sell a 410c, and a 430p you get 73 cents.
If corn expires that day at 4.10 you keep the full 73 cents
+73 on the trade
4.10 cash futures
4.10 + 73 = $4.83
If we expire at 3.80 you got 73 cents, but lost 30 at the end (short 4.10 was 30 cents in the money).
So +.73 - .30 = +43 cents on the trade
Sell cash at 3.80 futures+ 43cents = 4.20 futures
If we expire at 3.37 you have the following outcome
+73 initial -73 at expiration = UNCHANGED on the trade
3.37 cash sale + 0 futures gain = 3.37 futures
your BEST possible outcome is 4.10 futures (for those bushels) anything below actually does hurt you.
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Selling straddles
