Ummm, No New Developments Really

Added a bit to long March MGEX/ short CBOT as it traded back to yesterday's levels. I think, all else being equal, that spread will trend toward the higher levels we see in the cash and Dec futures markets. The lower levels available out farther on the futures curve are due to the arbitrary levels set by the CBOT's VSR policy, not any anticipated difference in the economics of Minneapolis Spring Wheat vs Chicago Winter Wheat in upcoming months.