KC was hit the hardest of the three wheat futures markets, so I was able to take profits on some of my long MGEX/ short KC positions. Including the small extra long position as a "tail hedge," MGEX vs CBOT didn't move much at all.
Interestingly, the calendar spreads generally tightened--contangos flattened. There hasn't been any deterioration in supply/demand factors, grains just followed all the other commodities lower.
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