So Ray/Maize..

Ya'll talk about forward contracting "good" basis and how the Commercials don't speculate.. yada yada yada..

So what happens when the funds are short.. the commercials have booked "good basis" and we go into a drought?

Like 1988..  

and the farmer selling never catches up to the demand?

do ya'll ever consider such events?

What does the AMO/PDO cycle tell you guys?  When Production RISKS reaches the Commercial guys balance sheets.. also.

???

later..