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| A week ago over 20% of the KC open interest was in the Dec contract. It has been fading fast as far as market participants, as the roll to Mar has been steady and now is only about 7% of the OI. By the end of the week, the remaining 23,xxx contracts will probably be diminished to a stealthy few. Whether the funds are net long or short, and to a record level or not is highly irrelevent, as they in all likelihood will not hold any of their position in the Dec.
I am still unsure about if joe operator can just stand in for delivery, and haul it away from the terminal at their own will. I am pretty sure those few who are involved, know the logistics of the process, and it won't be as simple as hauling $6.xx wheat out of a terminal on a $4.xx futures contract.
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Can we squeeze the shorts out of wheat?
