Well, I've had enough. For now, anyway. Dec CBOT traded to a strong premium to both KC and MGE throughout the day. While there are many signs of a short-term top in wheat, and few reasons to be long-term bullish on CBOT's soft wheat vs hard wheat futures, it's is impossible to predict how far, exactly, a market will spike.
So, for now we go flat.
Just for simplicity, I also sold out of ethanol vs corn, which has been fairly stable.
The world has gone mad today
And good's bad today,
And black's white today,
And day's night today...anything goes.
C.Porter
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