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Yes there are no limits on the front month in coffee...but that is irrelevant
because even when the futures are locked, options frequently still trade (as
in cotton). So a person who is short some 75 calls ( lets say) in cotton
sees the market locked at 77 (lets say) and he thinks he's lost a lot but is
still ok. Meanwhile the actual future is trading synthetically in options
at 81 !! ( It makes me laught to think that years ago people (including me)
in the cotton pit with 2 days left till expiration wouldn't cover short
options 400 ticks away..using the reason that it couldn't go more because
that represented two limit moves(2 x 200ticks),so a person was "safe". Boy
were we naive. No that's being charitable...boy were we stupid!
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