Price action in wheat continued higher today, this time led by the CBOT. The MGE and KC contracts have dropped from 38 and 20 cents premium just yesterday to 31.5 and 15.5, respectively. The contango for CBOT wheat flattened slightly: July10/July11 dropped to 101.50 from 103.50 .
We are still flat on the intermarket MGE and KC wheat vs CBOT wheat. I am really just looking for a place to re-establish a long hard (MGE or KC) vs short soft (CBOT) position. As wheat rallies, we should continue to see better opportunities.
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