While I'm leery of the large premium for high-protein spring wheat, and I'm sure the difference in storage costs between MGEX and CBOT offers little protection at these levels of the intermarket spread, I re-established a long KC versus CBOT position. March KC at 68-70 cents over CBOT isn't a crazy level.
My worries about short covering on the CBOT are still present, but there's no reason that has to turn around any time soon.
My email address is in the "about me" section on the lower left side of the page.
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