Still Trying to Be Nimble

Flat on MGEX wheat futures now.

Looking at the calendar spreads on KC and CBOT, I put on some short July/long Sep KC and some short Sep/long Dec CBOT. In the former, the trade is beyond full carry, but I think the changing contract specs for Sep will drive that spread to further contango. In the latter, we are still a long way from full carry and it doesn't look like there will be a shortage of soft winter wheat...