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.
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