Watching MGEX Calendar Spreads

I tweeted Darin Newsom of DTN/Progressive Farmer pointing out that cash Hard Red Spring Wheat has gone to a premium to the March MGEX contract and that the development seemed bullish to me. He tweeted back that while it did seem bullish, the cash has averaged even an higher level than this relative to futures over the past 5 years. While that is true, there was a very large backwardation in the March/May MGEX calendar spread in several of those years.

Still watching and waiting.