SOMETHING extraordinary happened in the grain futures markets beginning in 2005: The cash price and futures price, which normally converge by the time a grain contract matures, weren't coming together. Instead, they were moving further apart — and not by just a little.
By September 2008, the wheat futures price was an unprecedented $2.00/bu. higher than the spot price in Toledo, Ohio, at delivery. What caused this unusual non-convergence was a simp
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