Wheat rallies with crude, gold; Basis unch to 2c lower
Feb 16, 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 Feb. 16:
KC CASH HRW WHEAT:
The basis was unchanged to 2c lower today, with the 11.0 proteins 2 cents lower.
GULF HRW WHEAT, 11.0% protein:
Feb shipment was at 40 over KCBT March. Wheat for Mar shipment was u/q over March. Wheat for Apr shipment was u/q over May.
The Pacific Northwest wheat markets were unchanged to lower today. Last half of February soft white wheat values were unchanged at 4.85 today. Last half of February hard red spring wheat values were unchanged at 170 over MGE March futures. Hard red winter wheat values for last half of February shipment were 1 cent lower at 47c over KCBT Mar wheat futures.
KCBT Wheat Futures
A weaker U.S. Dollar prompted stronger trading in crude oil and gold futures that carried over into Kansas City wheat futures today. Crude oil traded over $3.00 a barrel at times, influencing rallies in other markets, traders said. A record number of short speculative positions in Chicago SRW wheat came out of Friday's Commitment of Trader's report, leading to some short covering in Chicago, and Kansas City today, traders added. KC wheat broke through last week's highs, triggering some small buy stops above the market, traders said. USDA weekly wheat export inspections were estimated at 15.9 million bushels.
KC Mar wheat settled 18 cents higher at $5.12 1/2.
Today's trading volume was estimated at 32,420 contracts.
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