Adding to MGEX Position, But Not in Wheat

Wheat traded up on, well, who knows why? QE2? Probably. CBOT gained ground against KC and MGEX as I feared it would if QE2 inspired a rush to commodities. Didn't gain a lot of ground though. I'm still flat.

Biggest trade for me today was paying the offer for an MGEX seat. I think they have cash and real estate of $45K/seat, leaving the trading business valued at $50K/seat. If ICE thinks the Climate Exchange is worth $600 million, I think the MGEX trading business is worth at least $20 million.