Not a dramatic "outside day" in corn, but close enough for me. Market appetite for high-protein MGEX wheat futures also evaporated toward the close. So if corn might correct down in price (shaking out some of the 500K longs), and with the lame CHINA DROUGHT stories failing to get much traction (most the crop is irrigated, no?), grains look like they may settle back a bit for a while.
I went to flat on intermarket wheat spreads and the long March/ short May calendar positions don't have much shelf life left either.
Winter break next week.
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