Took profit on balance of intermarket spreads. Just carrying nearby calendar spreads in KC wheat and a some March/May Rice. I don't see any shortage of either, but judging by the huge outright price rallies, there are enthusiastic buyers somewhere. I think both spreads are very close to full financial carry. KC wheat March/May could go to 12.5 cents and Rice might go to 31 cents; against that there is the small chance that there is a sharp flattening of the contango as buyers demand the prompt month.
Oh yeah, and still hanging on to long Oats/ short Corn...
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