Spreads Know

  Prior to a harvest, spreads for an upcoming crop year reflect the market’s emotions about that year. After harvest, spreads reflect the market’s effort to move the crop appropriately for the now ...

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When Being Right is the Wrong Focus

Volatility has a lot of side effects on the mentality of a basis trader. Maybe the most dangerous is an aversion to being wrong – and when price, basis, and spreads change at breakneck speed there ...

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The End of Decision-Making

We (human beings, that is) are strongly motivated by FOMO – Fear of Missing Out. Any decision we make before we are forced into deciding means foregoing additional opportunities, and that doesn’t ...

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