Dec MGEX was bought up to higher levels both on a calendar basis vs March and an intermarket basis vs CBOT. Dunno why really. Informa released a crop estimate for Hard Red Spring wheat that was lower than the USDA published in August...but was perhaps higher than the expectations for this revision.
Further, the other calendar spreads, March12/May12 and May12/July12, didn't really follow the Dec11/March12 lead, so it isn't clear that the market expects a small crop that leads to tight inventories. Apparently just a lot of demand for Hard Red Spring wheat delivered right now or very soon.
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