KC lower as Dollar strengthens; Basis 5c lower to 2c higher
Dec 02, 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. 1:
KC CASH HRW WHEAT:
The basis was 5 cents lower to 2 cents higher today, with the ordinary proteins 2 cents higher; 11.2 through 12.0 proteins 3 cents lower; and 12.2 through 13.0 proteins 5 cents lower.
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 mixed today. First half of December soft white wheat values were 10 cents higher at 5.05 today. First half of December hard red spring wheat values were 15 cents lower at 130 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
Kansas City wheat futures moved lower today, pressured by stronger trade in the U.S. Dollar today and follow-through from yesterday's poor performance on the close, according to traders.
Ideas the market was overbought and filling in the gap that was left from Monday's investment-inspired rally kept prices under pressure today, traders added.
STATS Canada is scheduled to release a wheat production estimate tomorrow that is estimated to be an increase from last month's report, according to traders.
There were no delivery intentions reported again today against the KC Dec contract. KC Dec wheat settled 5 3/4 cents lower at $5.51.
Today's trading volume was estimated at 7,347 contracts.
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