Short covering ahead of reports; Basis unchanged
Mar 30, 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:
Mar shipment was at 42 over KCBT May. Wheat for Apr shipment was unq over May. Wheat for May shipment was unq over May.
PNW WHEAT:
The Pacific Northwest wheat markets were unchanged to higher today. Last half of March soft white wheat values were 5 cents higher at 4.70 today. Last half of March hard red spring wheat values were unchanged at 195 over MGE May futures. Hard red winter wheat values for last half of March shipment were 2 cents higher at 42 over KCBT May wheat futures.
KCBT Wheat Futures
Kansas City wheat futures traded higher today ahead of tomorrow's USDA prospective plantings and quarterly stocks reports, according with traders. Short-covering activity was attributed to the gains in the market ahead of the reports, traders added. Crop ratings released yesterday for individual states continue to be very good for HRW wheat areas, with Kansas now estimated at 70% good-to-very good, Oklahoma at 69%, and Texas at 60%. Moisture supplies remain excellent, traders said. The average wheat stocks estimate for tomorrow is 1.366 billion bushels, up from the March 10 estimate of 1.001 billion bushels.
KC May wheat settled 6 cents higher at $4.79 1/2. Today's trading volume was estimated at 14,250 contracts.
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