MGEX Wheat Creeps Higher Against CBOT

Not much to report over the past few days, but today as the MGEX deferred months--July12 and later-- moved up to the high end of their recent trading ranges vs the CBOT, I was a buyer, adding to positions. In all likelihood it is overenthusiastic, but the MGEX reports on stocks in Duluth and Minneapolis show declines from rather low peak levels. So maybe this run-up in Dec/March isn't done yet. Further, I don't see any reason to believe that the $2.50+ premium for Hard Red Spring Wheat over Soft Red Winter Wheat will decline to below $1.25 by July 12 delivery --just as the new winter wheat crop is harvested.

The only thing is that there is already a crowd on the short side of the CBOT wheat boat...