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| When there is a shortage (either real or perceived), there is demand to acquire now, thus the inverse. March is the (now) timeframe, and will be until it has passed. There is more market desire to own corn now than in the future (July). That will continue until Mar and May are in the rear view mirror, and if a shortages is still perceived..or real, then the value will be built into the July option. It will be compared to Dec (which will be in a timeframe with an abundance of supply relative to July, and the inverse will be more pronounced.
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March/ may to July corn roll
