MGEX Wheat Strong for 99.5% of the Day

But the last minute was a doozy. After creeping up to a $2.00+ premium to CBOT, the March12 MGEX sold off in the last minute to around $1.85 premium at the close. The weakness was general all along the MGEX futures curve with all the intermarket spreads losing at least a dime in the closing range.

But if we just look at the MGEX calendar spreads, the market didn't really collapse: Dec11 added a few cents more backwardation to March12 and the other calendar spreads weren't much changed. So there doesn't seem to be a huge change in supply/demand--seems like just a couple hundred March contracts sold somewhat inelegantly at the bell.