Knew a company once. They forward sold all their production out to about a year ahead. Even got a premium above spot. Trouble was, the price they agreed to was spot [plus the premium] based on the spot price on the day they entered the agreements. Unfortunately, spot prices moved up strongly during the year. So they ended up delivering product at far lower prices than they otherwise might have.
Sure hope this doesn't happen to you. There'll be no need to talk obsessively about spot pellet prices every day, though, if it is the case.
Pellet Price, page-625
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