Philip Luce

1 min read

Keep Your Long Futures in the Nearby and Your Short Futures in the Deferred

Old Advice for Current Times I first heard this maxim about 25 years ago, and it wasn't new then. The person who shared it with me learned from an experienced basis trader who probably had heard it from someone else before that. Like many great...

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normal to new normal image

3 min read

Use Old Skills and a New Approach to Navigate Volatile Markets

The volatility in production, futures prices, basis, and spreads of the last few years have caused many of us to abandon the idea of a “normal”...

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1 min read

5 Keys for Survival in a Flat or Inverted Spread Environment

Most merchandisers don’t enjoy trading markets with small carries and/or inverted spreads, but by all appearances, that is what the market is going...

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1 min read

Is the Grain Elevator Business Model Broken?

Let Me Give Away the Ending: No Despite years of articles predicting the irrelevance of the country elevator, it continues to be an important part of...

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