I worked out to be a ratio of 1.50. The closing differential was at 54 cents. I had to use money management on the trade, which is the hardest thing to do when I feel intuitively that I should stay with the trade. I haven't seen this spread at these levels in a long time. There is plenty of supply as harvest was just completed.
Demand is blah.
I initially had a mental stop at a difference of 44 cents. My widening target remains a difference of 75 cents. Both commodities are under harvest pressure. The trade is good until the middle of October. To figure equity difference, multiply SH in dollars per bushel by 5000 and CTH in cents per pound by 50,000.