KCBT lower in preholiday trade; Basis unchanged to 3c lower
Dec 21, 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 Dec. 17:
KC CASH HRW WHEAT:
The basis was unchanged to 3 cents lower today, with the ordinaries and 11.4 through 12.4 percent down 3 cents.
GULF HRW WHEAT, 11.0% protein:
Dec shipment was at 30 over KCBT March. Wheat for Jan shipment was 30 over March. Wheat for Feb shipment was 30 over March.
PNW WHEAT:
The Pacific Northwest wheat markets were unchanged to higher today. Last half of December soft white wheat values were 5 cents higher at 4.95 today. Last half of December hard red spring wheat values were unquoted over MGE March futures. Hard red winter wheat values for last half of December shipment were unquoted over KCBT Mar wheat futures.
KCBT Wheat Futures
Kansas City wheat futures were lower on Monday, trying to rally but unable to get through Friday's high of $5.25 1/2 in the March 2010 contract, traders said. The March contract reached as high as $5.24 1/2. The market was lower on rain and snow in the forecast for hard red winter wheat areas, which will be beneficial to the crop.
There was talk of Egypt putting together a long-term deal to buy Russian wheat, which was weighing on wheat pricing.
Volume was light, expectedly so in front of the Christmas and New Years holidays.
KC Mar wheat settled 8 cents lower at $5.16 1/4. Today's trading volume was estimated at 5,703 contracts.
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