Kansas City wheat futures traded both sides of unchanged today, starting lower early on influence for outside markets, according to traders.  The U.S. Dollar was trading higher early, traders said, lending to weakness in wheat futures, traders said.  The market was able to rally to the high side, but continues to find difficulty in breaking out of a recent range, traders added.  The market was quiet today, in part due to holidays internationally including Victoria Day in Canada, traders said. 

KC July wheat was 1/4 cent lower at $4.94 3/4 at midday.
 
CASH GRAIN:  The basis feels steady with a few cars in the marketplace, according to traders.
 
 KCBT Review Newsletter.  
 

"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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KCBT wheat futures were trading lower this morning, giving back some of the gains from yesterday, traders said.  USDA weekly export sales numbers were disappointing; 150,000 tonnes of old crop and 134,000 tonnes of new crop were reported.  The U.S. Dollar continues strong, weighing on wheat futures.

 

The Wheat Quality Council's Hard Red Winter Wheat Crop Tour kicked off Monday night in Manhattan.  Information is be available daily from the KCBT crop tour scout and can be found at http://www.kcbt.com/crop_tour_3.html. The final estimate for day 2 of the tour was 39.9 bushels per acre, based off of 215 stops throughout the day. This compares to last year's day two estimate of 39.8 bushels per acre, based off of 212 stops. After two days of observations by tour participants, the average now stands at 40.3 bushels per acre, based on 428 total stops. This number is down .3 from last year's 2-day estimate of 40.6.

 

No intentions for delivery against the KCBT May contract were reported this morning.
 

KC July wheat was 1/4 cents lower at $5.23 3/4 at midday.

 

CASH GRAIN:  The basis was steady with a small amount of receipts, traders said. 


Previous editions of the KCBT Review Newsletter can also be found on the website. Simply click on the date you would like to view or download on this page: KCBT Review Newsletter.