Well, almost...I've bought a couple of contracts of Dec11 MGEX at a small discount to CBOT. While it seems like the unwinding of speculative positions would hammer the CBOT harder than the MGEX, that hasn't been the case over the past couple of days. Possibly it's because the Dec10 MGEX was almost back to the June highs versus the CBOT--who knows. Should the liquidation by trend-followers intensify, I think the MGEX will strengthen relative to CBOT.
Also, with the cash Spring Wheat at a premium to Soft Red Winter Wheat (70+ cents) and the VSR forcing convergence harder on the CBOT cash/futures basis, the MGEX premium could grow rapidly toward Dec expiration--perhaps up towards $1.00...just an idea.
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