KC wheat bounces higher; Basis unch to 2c higher
Jan 14, 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 Jan. 13:
KC CASH HRW WHEAT:
The basis was unchanged to 2 cents higher today, with the ordinary proteins 1 cent higher, and the 11.4 through 11.8 proteins 2 cents higher.
GULF HRW WHEAT, 11.0% protein:
Jan shipment was at 30 over KCBT March. Wheat for Feb shipment was 30 over March. Wheat for Mar shipment was 30 over March.
The Pacific Northwest wheat markets were mixed today. First half of January soft white wheat values were 20 cents lower at 4.85 today. First half of January hard red spring wheat values were 4 cents higher at 142 over MGE March futures. Hard red winter wheat values for first half of January shipment were unquoted over KCBT Mar wheat futures.
KCBT Wheat Futures
Kansas City wheat futures traded mixed today, lower early on follow-through selling from yesterday, and a bounce higher on the close of the day, according to traders. Some end-user pricing allowed KC wheat to come off of early lows, traders said, along with corn finding a bottom price after yesterday's limit-lower trade. Carryout for SRW wheat was raised more aggressively by the USDA in yesterday's reports, traders said, allowing Kansas City to continue to gain on Chicago wheat prices. Bear spreads in the nearby in March in Chicago also kept gains in check for SRW wheat futures, traders added. In export news, Egypt bought 180,000 metric tonnes of wheat from Russia and Kazakhstan.
KC Mar wheat settled 2 1/2 cents higher at $5.36 1/2.
Today's trading volume was estimated at 13,773 contracts.
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