Two-sided trade in KC wheat; Basis unch to 10c higher
Dec 01, 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 unchanged to 10 cents higher today, with the ordinary proteins 7 cents higher, and the 13.6 through 14.0 proteins 10 cents higher.
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.
PNW WHEAT:
The Pacific Northwest wheat markets were unchanged to higher 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 unchanged at 145 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 traded both sides of unchanged today, retreating from early morning gains by the end of the session. The market traded higher early on new money coming into the market on the first of the month, traders said. A weaker U.S. Dollar also supported the gains in wheat futures, traders added. Ideas the market is overbought and a lack of fundamental support contributed to the late sell off, traders said. Profit taking and weakness in soybean futures also weighed on the wheat markets, traders added.
There were no delivery intentions in Kansas City today.
KC Dec wheat settled 3 3/4 cents lower at $5.56 3/4.
Today's trading volume was estimated at 14,486 contracts.
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