KC Wheat Trades Lower
May 13, 2010
"Buy the rumor, sell the fact," was the motto in CBOT corn futures today, weighing on Kansas City wheat prices this morning, according to traders. Confirmation of a sale of 369,000 metric tonnes of corn to China was reported, following rumors yesterday of China reportedly buying U.S. corn. Another 174,000 metric tonnes of corn was reported sold to an unknown source, traders added. USDA weekly wheat export sales were estimated at 244,000 metric tonnes of old crop and 241,000 metric tonnes of new crop wheat. Strategie Grains out of Europe are estimating the European wheat crop at 133 million metric tonnes, down 1.2 million metric tonnes, and including an 800,000 metric tonne decrease in German wheat production, traders said.
The KC July/Dec spread actively traded overnight and into today's session at 29 1/2 to 29 3/4 cents.
There were 11 reintentions against the KC May contract reported out of Wichita this morning.
KC July wheat was 6 1/2 cents lower at $5.00 1/2 at midday.
CASH GRAIN: The basis feels steady today, according to traders.
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