Wheat at a discount to corn is free protein--better than free: you get paid to cart it away. The animal kingdom is a fiercely competitive place and that kind of deal doesn't last long on the Serengeti plains and shouldn't last long on the CBOT.
But wait, there's a catch. The punitive VSR regime makes storing wheat incredibly expensive. All the gains from cheap wheat might be devoured in carry costs. Well, after today, not so much. July (in delivery) CBOT wheat almost touched even with September, while the July premium for corn drifted back toward 20 cents over September.
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