MGEX strongly outperformed other wheat futures over the past couple of days--especially compared to KC. The nearby July MGEX traded up toward 30 cents premium to September. Sadly, I didn't participate it that--I was put off by the rise in deliverable stocks at Duluth last week (announced Tuesday). But in the past few days even Dec MGEX rose from 35-40 cents over KC to over 55 cents premium.
I was shaken out of my little long CBOT wheat/ short corn position as corn rallied into the upcoming USDA numbers tomorrow. Always nervous (and looking for flexibility), I took off much of my long Dec MGEX vs KC wheat position.
Subscribe to:
Post Comments (Atom)
Posts
No comments:
Post a Comment