Amazingly, even as the backwardation in MGEX calendar spreads collapsed yesterday--knocking nearly 40 cents off the Dec11 MGEX premium to CBOT--I never checked the Tuesday morning release of deliverable stocks for MGEX. If you follow the link and open the spreadsheet, you will see that stocks rose slightly. Quite a reaction from the market.
The reason I missed the MGEX report is that my focus is more on KC vs CBOT because that's where my money is. That market was not remarkable at all. Perhaps there was some spillover selling of KC and buying of CBOT caused by the large MGEX move, but the KC-CBOT intermarket spread closed unchanged.
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