You are short. It's going against you. You try to buy it back. The offers get pulled. No one will hit your bid.
Locked, no trades. Wait until tomorrow to try to get out? Trapped like a rat. You'll have to hedge in the options...
There are easier ways to make a living.
So you can hedge the futures with the options. You just have to pay a premium equal to a lock limit-up on Friday.
Corn trade locked limit-upMike McGinnis 03/31/2011 @ 12:41pm
CHICAGO, Illinois (Agriculture.com)--The corn market remains locked 'limit up' on the CME Group Thursday. Today's USDA Planting Intentions and Quarterly Stocks Report is providing all of the support for the commodities.
At mid-session, the May corn futures remain locked 'limit' up the daily maximum 30 cents at $6.93 1/4. Synthetically, in the options pit, the May corn futures contract is trading between $7.21-$7.28, that 's 30 cents above the futures 'limit up' price. The May soybean contract is 36 3/4 cents higher at $14.09. The May wheat futures are 36 3/4 cents higher at $7.64....MORE
Now what bright boy?