KC ignores decrease in stocks; Basis fully steady
Apr 09, 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 March 30:
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 30 over KCBT May. Wheat for May shipment was 30 over May. Wheat for Jun shipment was unq over July.
PNW WHEAT:
The Pacific Northwest wheat markets were unchanged to higher today. First half of April soft white wheat values were unchanged at 4.75 today. First half of April hard red spring wheat values were unchanged at 210 over MGE May futures. Hard red winter wheat values for first half of April shipment were 5 cents higher at 50 over KCBT May wheat futures.
KCBT Wheat Futures
Kansas City wheat futures traded lower today, ignoring a 51 million bushel decrease in U.S. wheat ending stocks and focusing on bearish numbers for corn futures, according to traders. The U.S. ending stocks number for wheat is still healthy at 950 million bushels, traders said, and traders are anticipating a large wheat crop this year. The U.S. Dollar traded lower today, also failing to impact the mostly lower trade in wheat futures.
Favorable planting conditions are in the forecast this weekend for Spring wheat and corn, traders said. KC wheat settled off of lows, with May 2 cents lower at $4.83 1/2.
Today's trading volume was estimated at 16,479 contracts.
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