Why, oh why, didn't I stay long the beautiful MGEX?
Really, I won't lose sleep over it. I have been surprised that the premium for KC over CBOT has not grown as the overall wheat market has seen prices drop. I assume that CBOT wheat is seeing more speculative selling..maybe the prospects for better growing weather in the Hard Red Winter Wheat growing areas has had a negative impact on KC prices. Or maybe CBOT shorts are providing a bit of a floor to that market (doubtful).
Anyway, the July12 KC remains close to 50 cents premium to CBOT, so there hasn't been much to get excited about.
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