Speculators lightened equity and commodity positions today. Wheat traded down in line with most other markets. CBOT dropped a few cents more than MGEX or KC. Calendar spreads for the more distant months went to steeper contango. Even though the overall direction was down, the Dec11 wheat contracts were well bid with standing orders to buy every penny down on the MGEX.
A big sell-off in oats brought them back to less than 63.5% of corn. I will be looking to buy them if they drop another couple of percent on that ratio. The 300 lots of Oats that traded in the last 10 minutes appeared to be 10% of the non-commercial longs getting out. Corn, on the other hand, traded up 3 cents in the last 10 minutes without notable liquidation pressures.
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