Mar12 KC wheat futures fell to 48 cents premium to CBOT today; not a big surprise since the tone of the market was set by outside markets rallying on central banks easing policy--so more positive impact on the speculator-sensitive CBOT contract.
At the front end of the market, the Dec/Mar KC spread tightened notably and there were reports of cash wheat trading at a premium to Dec11 KC contracts.
I did not add at better levels.
In some additional painful news, MF Global appears to have hit the bid for 1 MGEX seat at $106,000 and may have 3 more to sell...with the best bid now only $80,000. Distressed seller of MGEX seat with the rest of the equity market up 6% in 3 days. Looks like an opportunity.
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