Considering the smallish positions I have, I got nicked pretty good today. The Dec11 MGEX contract dropped 3-4 cents vs CBOT and nearer futures like July lost 6-7 cents. Ouch. The outright moves were not so large that the "tail hedge" was meaningful--MGEX was only up about a dime.
The ethanol market was a bit kinder to me. The ethanol/corn crush didn't move much my way but the front end on the ethanol market stayed very firm with Jan trading 1.5 cents premium to Feb. So I like how that's shaping up.
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