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| I get what you're saying, but you're not selling carry if you're selling a different crop. You can get the carry on the 20 crop and 19 crop, not one or the other.
Yes, selling Dec 2020 for 4.15 today sounds alright, but there's 2 years for the price to get better vs. 9 months for the Dec 19 price. Plus to sell 2 years carry, you need to tie up a lot of capital in margin calls or pay a lot of money to an elevator.... | |
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Prices out through 2021
