MGEX just about kept pace with the rally in CBOT wheat today; the Dec spread spent the majority of the day at 48-49 cents premium MGEX. I added to the "tail hedge" on concern the massive rallies in other commodities would spill into wheat. On the intermarket spreads, I added out in Dec11 where it was possible to pick up MGEX at 5 cents discount to CBOT.
The DTN cash index for Spring Wheat is around 75-80 cents premium to Soft Red Winter Wheat, so I am hoping for at least that kind of number for the Dec10 MGEX/CBOT spread eventually.
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