KCBT Wheat Futures Continue to Post Large Gains
May 10, 2011
Kansas City wheat futures continued strong on Tuesday in response to another day of hot, dry, windy weather in the Southwestern HRW wheat growing area. There were some chances of rain in mid- to late week, traders said.
Decreasing USDA crop ratings for the winter wheat crop continued to boost pricing. Total poor-to-very poor condition on May 8 amounted to 42 percent versus 41 percent last week and a five-year average of 8 percent. Kansas was 50 percent poor-to-very poor versus 45 percent last week; Oklahoma was steady at 77 percent; and Texas was at 76 percent versus 74 percent last week.
Also, there continued to be concerns from a lack of progress in Hard Red Spring wheat planting, which is only 22 percent complete versus the five-year average of 61 percent and 10 percent last week.
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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