Out of Town

Missed all but the last couple minutes of trading. There wasn't anything compelling in those 120 seconds, though I did look at adding calendar spreads on the CBOT: short July11/ long Dec11.

Ed's World is a good blog that applies academic finance to actual farm situations to devise marketing and hedging strategies for grain producers. As you can see from the link, even Ed was not aware of the VSR regime and the impact it has on longer-dated futures. In an unGoldmanlike gesture, I posted a link to the CBOT's new rules in the comments.