KC Wheat Higher Ahead of Reports
Nov 08, 2011
Kansas City wheat futures traded higher today, seeing a nice rally ahead of tomorrow's USDA supply and demand reports for November, according to traders.
Led by strength in MGE Spring wheat futures, Chicago SRW wheat followed with some short-covering activity that carried over into Kansas City, traders added.
The average trading guess of the 2011/2012 U.S. wheat carryout is 817 million bushels, and 20 million bushels below last month's estimate of 837 million bushels, according to traders.
Intra-market spreading in the KC Dec/Mar was the feature again today as the Goldman Sachs index roll continues, traders added.
The KCBT, founded in 1856, is Kansas City's oldest business and the world's largest futures market for hard red winter wheat. Daily quotes, market commentary, historical data and charting services are available on our website at
www.kcbt.com.
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