Nothing Special Today

Wheat futures were down just like everything else that isn't yellow and shiny. There was some movement in calendar spreads to steeper contango. The intermarket wheat futures didn't show much direction, but that's a little surprising; a strong down day, particularly a day when the price drops are due to stronger USD and weak equity/risk markets as opposed to weather factors, would likely draw more selling into the CBOT than KC or MGE. So the fact that KC and MGE didn't strengthen their premiums to the CBOT is a bit disappointing.