Well, I blew out of my various relative value trades that involved shorting corn. Today the USDA lowered projected corn stocks mainly due to higher ethanol use, but it turned out to be more bullish for corn than ethanol. Chucked the oats out as well. Could have been worse: oats are about 10-15 cents stronger vs. corn than they were back on 20 Jan, but I've had enough.
Back to my bread and butter, I am creeping back into long July MGEX against CBOT. It's hard to have a whole lot of conviction at $1 premium for MGEX, but with the March trading at $1.40 premium and the winter wheat harvest a lot closer than the spring wheat harvest, it seems like the way to go.
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