all seven of the K/M spreads that I bought on 4/24/15 are now safely in the bank. If psychological and emotional factors drive the spread back down to the mid-seventies, I'll have to buy again. My preference is that traders close the spread to Farmer Ed's 3.00 buy zone and I will be out of that trade.

The supply/demand riddle is a tough one this spring, ITZ. I keep looking at the June to Index "Gap" and it looks a little high at this point in time at last night's settle of 14.00. The index usually doesn't gain nearly that much between now and the MMMs going to cash settlement.

Best wishes,

dhm