Texas/New Mexico Stateline | That would be a speculative move, and not a hedge. Just for bookkeeping purposes.
March would have to move above $3.90 before you would break even.
Yes, in short, if you wanted to gamble $.15 on the market moving significantly higher by then you could do it.
Personally you might be better to hold the grain, sell the deferred contract and try to capture some of the carry and possible basis improvement.
If any of us knew for sure, we wouldn't be wasting our time posting on AgTalk.
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Rookie to buying calls
