Let's Call It a "Day Off"

Due to a Trading Technologies upgrade, I had to manually reset a number of account settings, so I got off to a very late start.

As the wheat futures returned to pre-Goldman-sell-off levels, there was little movement in the intermarket wheat spreads--MGE and KC stayed relatively firm. This may indicate that there was no further liquidation by money-manager shorts. However, further rises may well force these players to cover their CBOT shorts and squeeze the MGE and KC premiums.