Consolidation in KC wheat; Basis unchanged
Jan 05, 2010
The KCBT Review, the daily newsletter that the traders at the Kansas City Board of Trade use on a daily basis to keep on top of the market, is the most comprehensive source for cash wheat, grain and futures information. The Kansas City Board of Trade Review is produced by the KCBT staff every day the market is in session for KCBT traders and features a daily wrap up of the grain market for both cash and futures.
Highlights from Jan. 5:
KC CASH HRW WHEAT:
The basis was unchanged in Kansas City today.
GULF HRW WHEAT, 11.0% protein:
Jan shipment was at 30 over KCBT March. Wheat for Feb shipment was 30 over March. Wheat for Mar shipment was 30 over March.
PNW WHEAT:
The Pacific Northwest wheat markets were unchanged today. First half of January soft white wheat values were unchanged at 5.07 today. First half of January hard red spring wheat values were unchanged at 139 over MGE March futures. Hard red winter wheat values for first half of January shipment were unquoted over KCBT Mar wheat futures.
KCBT Wheat Futures
Kansas City wheat futures traded lower today, feeling pressure from consolidation in the market after yesterday's rally, according to traders.
Anticipation of repositioning of funds later in the week sparked yesterday's gains that felt overdone today, traders added. Outside markets traded mixed today and failed to give wheat futures a sense of direction. Liquidation and some profit taking from long positions were featured in the market by the end of the session, traders said.
KC Mar wheat settled 4 cents lower at $5.46 3/4.
Today's trading volume was estimated at 12,623 contracts.
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