In what seemed a response to generally favorable news from the USDA on Spring Wheat supplies, MGEX dropped the least of the wheat futures ...at least until 1:14 Chicago time. For the deferred contracts, MGEX only fell back to yesterday's levels on the intermarket spreads versus CBOT, but that was a good 15-20 cents fall from midday levels.
At the front end, Dec11 MGEX was weak on the calendar spread vs March12 from the opening. Hard to say what that means, since Dec stayed over 40 cents premium to March. While that's a big drop from 90 cents premium seen yesterday, it's not exactly falling apart.
Going home with slightly lighter positions on the long MGEX vs CBOT in the deferred months.
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