After touching a 70+ cent premium to KC last month, Dec MGEX retreated all the way back to a sub-30 cent premium. I jumped in to buy some at a 40 cent premium today.
I always like to have a long MGEX position on, and I am wary of shorting the Dec CBOT which still seems poised to rally. Non-commercial traders are short CBOT and CBOT is very cheap compared to corn.
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