KC July trades below $5.00; Basis fully steady
Apr 26, 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 April 15:
KC CASH HRW WHEAT:
There were no changes in the protein premium scale in Kansas City today.
GULF HRW WHEAT, 11.0% protein:
Apr shipment was at unq over KCBT May. Wheat for May shipment was 5 over May. Wheat for Jun shipment was unq over July.
PNW WHEAT:
The Pacific Northwest wheat markets were mixed today. Last half of April soft white wheat values were unchanged at 4.85 today. Last half of April hard red spring wheat values were at 10 cents lower at 171 over MGE May futures. Hard red winter wheat values for last half of April shipment were 10 cents lower at 36 over KCBT May wheat futures.
KCBT Wheat Futures
Technical weakness and strength in the U.S. Dollar contributed to the losses in Kansas City wheat futures today, according to traders. After trading lower on Friday, KC wheat extended losses into today's session. Sell stops were triggered along the way, and KC May and July traded below $5.00, with the July contract managing to settle just above the $5.00 level, traders said. In export news, Jordan is in the market for 100,000 metric tonnes of hard wheat. Jordan was in the market for same amount last week and purchased 50,000 metric tonnes of Black Sea wheat, traders said.
KC May wheat settled 15 1/4 cents lower at $4.90 1/2.
Today's trading volume was estimated at 23,903 contracts.
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