...but I'm not losing a whole lot of money. May CBOT wheat vs corn traded down to new lows, so I lightened that position, but on a small position to begin with, and getting in at less than 60 cents/bushel premium for wheat, that's not a lot of damage. Oats traded soft against corn today, but with the front months limit down, there really wasn't much change there either. The long May/short July calendar spreads have sagged toward full carry, but that's not much of a move either.
On all these positions I am fighting the trend. Usually a mistake, but if you're patient and not too leveraged, it can work. I think.
The main event for me, the MGEX vs CBOT wheat spread has been stuck in a 10 cent range for quite a few days now. Given that the cash Hard Red Spring wheat is $2.75 over Soft Red Winter, and that the July MGEX futures are consolidating around $1.10 to $1.20 premium, I'm hoping the next move is a continuation higher on the premium for the good, hard wheat.
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