Consolidating Near the Highs

MGEX Dec wheat spent the day in a narrow 1% trading range that was well within the same range we have seen since the surprising USDA report last week. Looking further out at Dec11, we see the CBOT wheat contract consolidating close to its summer highs of $8/bushel; while the Dec11 MGEX is about the same $8 price now, that is above the summer highs for MGEX.
It will be interesting to look at the CFTC COT report. It would be a more bullish scenario if non-commercial trend-followers weren't holding such large net long positions.