More short covering in KC wheat; Basis unch to 2c higher

Published on: 16:58PM Apr 15, 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.
 
April 15, 2010 KCBT Review Newsletter   (PDF)
 
 
Highlights from April 15:
 
KC CASH HRW WHEAT:
The basis was unchanged to 2 cents higher today, with the 12.0 and 12.2 proteins 2 cents higher.
 
GULF HRW WHEAT, 11.0% protein:
Apr shipment was at 27 over KCBT May. Wheat for May shipment was 27 over May. Wheat for Jun shipment was unq over July.
 
PNW WHEAT:
The Pacific Northwest wheat markets were mixed today. First half of April soft white wheat values were 5 cents higher at 4.80 today. First half of April hard red spring wheat values were 15 cents lower at 195 over MGE May futures. Hard red winter wheat values for first half of April shipment were unchanged at 52 over KCBT May wheat futures.
 
KCBT Wheat Futures
Kansas City wheat futures traded higher today due to short-covering activity, with little else to explain strength in the grain markets, according to traders. Ignoring the strength in the U.S. Dollar and a lower overnight session, KC wheat followed the covering of net short positions in Chicago SRW wheat futures, traders said. CBOT corn and soybean futures also traded higher today.
 
USDA weekly wheat export sales for wheat were unremarkable, traders said, with old crop sales estimated at 101,000 metric tonnes and new crop sales estimated at 310,000 metric tonnes. KC July wheat traded within a range above $5.00 today.
 
KC May wheat settled 6 cents higher at $4.96 1/2.
 
Today's trading volume was estimated at 17,279 contracts.
 
Read the entire KCBT Review Newsletter   (PDF)
 
 
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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.