With Dec MGEX advancing back over 40 cents premium to KC, I added to that position.
In the calendar spreads, we see CBOT Sep/Dec wheat is not close to the VSR maximum carry for the period. Full financial carry is about 64 cents now, and the VSR bumps that up to 73 cents if the spread averages over 52 from now to the end of August. That spread went to a steeper contango today with Sep falling to a 38 cent discount; I'm betting that spread gets out toward those full carry numbers.
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