Still maintaining long July MGEX vs KC and CBOT along with a some long July/ short Sep calendar spreads. Last day of trading for May contracts is tomorrow with 1000 contracts still open and May trading at 10+ cents premium. The market does not appear very well supplied.
For all the drought impacting the Hard Red wheat market in KC, that is trading at full carry right through September...actually even beyond full carry--most likely because of quality issues around the change in contract specs for Sep contracts. Anyway, that KC market just doesn't look as tight in the short term even if the prospects are good for tighter supply/demand balance sheets in 2012.
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