There is no question that the futures market is the tool to...

There is no question that the futures market is the tool to hedge primary producers. That's how it came about.
The question that Namoi should consider - did they use the tool correctly and on the evidence, they did not. Futures markets move within contango and backwardisation, according to the cost of carry and perceptions about the next season etc. I would have expected that they would have hedged different forward months, so there is no need to roll forward into the next month at all. Rolling forward is not spreading, it is rolling forward. Do they understand what a spread is?