What seemed to be a short-covering rally in wheat futures faded badly today--almost an outside day: almost over Friday's highs in the first few minutes, then trading down below Friday's lows. So, not much pressure on CBOT's short non-commercial speculators to cover more there. Also some news out of Australia that the crop is weighted toward lower quality feed wheat--competing with US corn for export to Asia.
The net effect was that March12 KC has bounced back to 60 cents over CBOT. After finding the discipline to add a bit late last week, I was looking to lighten up as the spread pushed over 60 cents. I still like the position and the selling is just to gain flexibility for further trading...
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