That is, I'm staggering along sick. All grain positions liquidated. Lucky escape on the intermarket spreads as the July MGEX premium to CBOT dropped 35 cents over the course of the week--Not that I sold at the top, but it could have been worse.
The calendar spreads never worked out. This is the last post til March. No trading through school vacations. If it weren't for the enforced vacation, I would hold the calendars spreads, March/May, on KC and MGEX right up to next Friday to see if anything happens...but that will not be the case.
Corn continues to outpace oats and ethanol...March CBOT wheat is trading at less than 1.2X March Corn. The wheat looks pretty cheap there, but would have to be trading at less than 1.2X a bit farther forward to lure me in; it's tough to go long CBOT wheat on a relative value basis when the cost of carry is around 7% to July for wheat and only 2% for corn...and then the wheat harvest arrives
Subscribe to:
Post Comments (Atom)
Posts
No comments:
Post a Comment