Still long MGEX vs CBOT in Dec and March. Long Dec MGEX vs KC. Maybe Dec MGEX at a dime over KC is a fair price, but Hard Spring Wheat cash is at least 75 cents over Hard Winter Wheat. Could the cash basis for KC stay 65 cents weaker than Minneapolis? Sure. But I don't know why that would be a great bet. Plenty of wheat in storage at both locations.
Big news week coming up, but the Fed news will be out after the pit close Wednesday, so I don't expect we will see major direction in the market 'til Thursday.
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