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Ontario's middle east | I've been looking at some spreads after the close. This thing seems highly inclined to invert and for now I think, invert it will. In the long term though there is a limit to how many beans the market wants "right now". Watching these spreads is a good barometer of the market IMO. Look at them just a few short weeks ago there was carry. I said when it inverted it was a very friendly development. I will make the counterpoint tonight that when the inversion starts to fade, so will prices. No matter how small this bean crop is we are not going to need them all this fall. Some will have to be stored. I don't know that this inversion will fade to a carry but longer term I think it gravitates towards it.
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