Jerry Gulke DTN Columnist
Mon Nov 26, 2012 06:29 AM CST

Throughout late spring and summer market analysts were trying to protect a precipitous fall in prices of grains that could happen with a change of weather. A popular strategy was to buy put options, putting a floor under prices and letting the upside run. If prices continued higher, the move would be rolling up the puts to higher and higher strike prices, doing so with each 50-cent rally. I tracked that strategy for new-crop corn using December futures and options as the guide. I found the results interesting.

I began tracking the strategy in early May after it became obvious ...

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