The intermarket wheat futures spreads, MGE & KC vs CBOT, traded in narrow 1.5-2 cents bands for the day with the direction provided by the swings in the more volatile CBOT market.
Overall, the wheat markets were very weak when compared to the significant gains in oil and gold and equities and currencies. This weakness looks to be an extension of Monday's price drop on the back of poor export results. CBOT calendar spreads widened (larger contango) modestly. I took the opportunity to sell Sep/buy Dec and to sell Dec10/buy Dec11.
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