I decided that I've been over-thinking the intermarket spreads lately; who knows where the July MGEX/KC spread will go? I don't like the July KC contract, but it's entirely possible that all the negatives I see will be reflected in a weak basis for cash vs futures and KC futures will skyrocket. I'm not willing to bet on it right here. So I squared up my positions.
Will try taking a fresh look at things tomorrow without being under the influence of an existing trading position.
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