Re: of bankers and pedestrian commodity longs.
""The only back stop would be seasonals. Which, if trusted, leads to horrific losses from time to time - which Pritch proved beyond a shadow of a doubt"".
1 no one was suggesting using options.
2 there are no horrific losses. If you hedge you hedge.
will in some yrs you r hedge price be below the avg price YES, of course!
3 are you scaling, so taht aa crop damage scare send prices higher and you sell
some % more ?
Alt, listen to a analysis taht onloy "sees" bullishness in everything even when it is bearish, and then sell when? at the low?