Kind of averaged it down going long the same spread in cash settled cheese @ -0.32. Milk and cheese move in unisson but cheese is still really illiquid.
I think everyone and their mother is watching it, but I don't trade outrights, so I am watching it for the impact on spreads. I don't have a lot of ag spreads looking good for me right now, more in the energies.
Yeah, that chart pattern is absolutely failing right now. Makes me wonder if the funds are even playing the long side on soybeans and trying to fade the smaller players who are short. I watch a lot of spreads as well. I have been slowly learning to program in R, and am interested in trying to create some type of trend following system with spreads, maybe with a combination of both quantitative and fundamental factors. I have some very fuzzy ideas I would like to try out, but it will definitely take some work.
Long -1Mar Feeders/-1 May Corn/+2 Aug Live Cattle = Long the cattle feeding spread @ a margin of -10962$. There is a sort of triple bottom forming on the feeding spread and it is at the same time a GF/LE correlation play. LE crashed more than GF in the last few days.