a lesson about being on the wrong side of the teeter-totter. The model was projecting that the cash settlement would be about where the GGGs were trading so I was long and added more as the market sold off.

Now I am suffering with more long GGGs than I ought to have. Maybe if the snow keeps up, packers will have to bid up to get producers to ship in this weather.

Your short JJJs and MMMs were the way to go today.

Best wishes,

dhm