Dollar direction influences wheat; Basis 4c lower to 12c higher
Nov 30, 2009
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 Nov. 30:
KC CASH HRW WHEAT:
The basis was 4 cents lower to 12 cents higher today, with the 11.2, 11.4, and 12.0 proteins 2 cents lower; 11.6 and 11.8 proteins 4 cents lower; 13.6 proteins 12 cents higher; and 13.8 and 14.0 proteins 11 cents higher.
GULF HRW WHEAT, 11.0% protein:
Dec shipment was at 35 over KCBT March. Wheat for Jan shipment was n/b over March. Wheat for Feb shipment was n/b over March.
The Pacific Northwest wheat markets were unchanged today. First half of December soft white wheat values were unchanged at 4.95 today. First half of December hard red spring wheat values were unchanged at 145 over MGE March futures. Hard red winter wheat values for first half of December shipment were unchanged at 20c over KCBT Mar wheat futures.
KCBT Wheat Futures
A weaker U.S. Dollar today supported strength in Kansas City wheat futures, according to traders. Some month-end buying came into the marketplace today as the Dollar moved lower, traders added.
Weekly wheat export inspections for wheat this morning were estimated at 14.7 million bushels, down from last week's estimate of 16.1 million bushels. There were no deliveries reported this morning in Kansas City on First Notice Day of Delivery against KC Dec futures.
KC Dec wheat settled 17 3/4 cents higher at $5.60 1/2.
Today's trading volume was estimated at 17,789 contracts.
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