Short covering in KC wheat; Basis unch to 2c higher

Published on: 17:36PM Mar 17, 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.
March 17, 2010 KCBT Review Newsletter   (PDF)
Highlights from March 17:
The basis was unchanged to 2 cents higher, with the 11.2 protein levels 2 cents higher.
GULF HRW WHEAT, 11.0% protein:
Mar shipment was at 45 over KCBT May. Wheat for Apr shipment was unq over May. Wheat for May shipment was unq over May.
The Pacific Northwest wheat markets were unchanged to higher today. Last half of March soft white wheat values were 5 cents higher at 4.70 today. Last half of March hard red spring wheat values were 7 cents higher at 185 over MGE May futures. Hard red winter wheat values for last half of March shipment were unchanged at 35 over KCBT May wheat futures.
KCBT Wheat Futures
Kansas City wheat futures extended gains today, moving through a psychological level of $5.00 in the KC May, according to traders. Outside markets were a limited influence today, traders said, with the U.S. dollar trading lower and crude oil trading slightly higher. Short covering was the feature of today's session as the market moved to make a technical comeback, traders said. Fundamentally, there were some concerns regarding flooding in wheat areas of North Dakota, according to traders.
KCBT May wheat settled 7 1/2 cents higher at $5.02 1/4.
Today's trading volume was estimated at 11,576 contracts.
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