Big Moves in Wheat Intermarket Spreads

And the big moves do not appear to be related to any particular news...just market gyrations. The MGEX vs CBOT spread has crashed 40 cents in 3 days. But I said last week (at the highs) that there was certainly room on the downside. On the other hand, MGEX vs KC has only fallen back to the levels we saw at the lows last week. So that was indeed the lower risk spread. So where from here?

If all wheat is now going to be viewed as a potential substitute for precious, scarce corn --that seems to be the source of support for CBOT wheat, though it's really just a plausible guess-- then the MGEX premium to CBOT could shrink further, even a lot further. But the 10-15 cent premium for July MGEX to KC looks cheap even from that point of view. And Dec MGEX at a discount to KC? Would anyone really want a long-term position betting that KC will go to, and stay, at a premium to delicious, 13.5% protein HRS wheat?