The Worst of All Possible Wheat Worlds

Ok, maybe not that bad...
The thing is that wheat rallied--CBOT leading the way, squeezing the hard wheat premiums back down--but the CBOT contango didn't flatten. So the CBOT rally was felt all the way out through our deferred positions a year forward.

Exactly what I didn't want to happen. The talk on the farmers' websites is still about how to store all the wheat inventory and how wheat in storage will displace soybean and corn stocks because the wheat futures are paying so much more for the storage space. So while I hope the KC and MGE will regain their intermarket premiums to CBOT, I don't expect that the CBOT contango will flatten anytime soon.