Well, walking fast toward cover anyway... Took profits in oats vs corn as corn showed renewed strength. Stuck with long CBOT wheat /short corn.
Over the past few days I have been able to build a good position long July MGEX/ short CBOT. Taking into account the calendars spreads I have, it is more like long May MGEX/short July CBOT. It hasn't done anything for me over the past couple of days, but the front end of MGEX looks very strong with March bid at only 5.5 cents under May (only about 45% of full carry) and cash Spring Wheat at almost $2.50/bushel over soft winter wheat. So while it is entirely possible that speculators push July CBOT up faster then MGEX, I feel like time is on my side.
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