New money buys KC wheat; Basis unch to 7c higher
Jan 06, 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 Jan. 6:
KC CASH HRW WHEAT:
The basis was unchanged to 7 cents higher today, with the ordinary and 11.0 proteins 2 cents higher; 11.4 proteins 7 cents higher; 11.6 and 11.8 proteins 1 cent higher; and the 12.0 through 12.4 proteins 3 cents higher.
GULF HRW WHEAT, 11.0% protein:
Jan shipment was at 30 over KCBT March. Wheat for Feb shipment was 30 over March. Wheat for Mar shipment was 30 over March.
The Pacific Northwest wheat markets were unchanged today. First half of January soft white wheat values were unchanged at 5.15 today. First half of January hard red spring wheat values were unchanged at 139 over MGE March futures. Hard red winter wheat values for first half of January shipment were unquoted over KCBT Mar wheat futures.
KCBT Wheat Futures
Kansas City wheat futures rallied today, feeling influence from outside markets, and late buying interest from index funds, according to traders. New money buying interest was present early in the day, but surged going into the end of the session, traders added. The U.S. Dollar traded lower today, and crude oil and gold traded higher.
Another major winter storm system moved through HRW wheat areas today, bringing snowfall that will be followed by extreme colder weather.
KC Mar wheat settled 13 3/4 cents higher at $5.60 1/2.
Today's trading volume was estimated at 10,463 contracts.
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