The question has been asked as to the potential PnL in trading the Feedlot Spread.
For this example I used the Mar. 2013 Feeders, May 2013 Corn, & Aug. 2013 Live Cattle. (see the attached)
On Jul. 6, 2013 we have the following settled prices:
Feeders @ 156.100 - Corn @ 701.25 - Live...