Ag trade ideas

I haven't checked in 2 weeks or so, but I think Matif isn't out of historical norm with US wheat. KC is the closest in specs to Milling wheat, but I don't know if there are some physical arbs or unusual trade flows happening right now.
 
Last week's export sales ."Wheat: Net sales of 578,500 metric tons (MT) for 2024/2025 were up noticeably from the previous week and up 1 percent from the prior 4-week average. Increases primarily for South Korea (119,000 MT, including decreases of 1,000 MT), Mexico (92,700 MT, including 30,000 MT switched from unknown destinations and decreases of 5,100 MT), China (72,300 MT, including 65,000 MT switched from unknown destinations), Indonesia (70,000 MT), and Italy (61,000 MT), were offset by reductions for unknown destinations (92,500 MT). Exports of 630,900 MT were up noticeably from the previous week and up 96 percent from the prior 4-week average. The destinations were primarily to Mexico (140,100 MT), South Korea (119,000 MT), Taiwan (97,300 MT), China (67,300 MT), and Peru (58,800 MT). "
 
thoughts on cocoa bull spreads? back months have been rolling up, mar/may seems like decent risk reward given recent front month spreads end up around 1.5k -> 2k. H5K5 329 now.
 
I am still long U25/Z25 despite the recent "bearish" news of better harvest ahead( It will start soon so the reports must be reliable ). U/Z ( and Z/H ) are kind of intercrop spreads so if the current deficit is not replenished by the new harvest the bullish push will be on those spreads instead of H/K,K/N and N/U. H/K is kinda better than the other ones historically though.
 
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