Good export sales for wheat; Basis unch to 6c higher
Jan 23, 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. 22:
KC CASH HRW WHEAT:
The basis was unchanged to 6 cents higher today, with the ordinary and 11.6 proteins 2 cents higher; 11.8 and 12.4 through 13.0 proteins 4 cents higher; 12.0 and 12.2 proteins 6 cents higher; and the 13.2 proteins 1 cent higher.
GULF HRW WHEAT, 11.0% protein:
Jan shipment was at 31 over KCBT March. Wheat for Feb shipment was 31 over March. Wheat for Mar shipment was u/q over March.
The Pacific Northwest wheat markets were higher today. Last half of January soft white wheat values were 5 cents higher at 4.80 today. Last half of January hard red spring wheat values were 2 cents higher at 146 over MGE March futures. Hard red winter wheat values for last half of January shipment were 2 cents higher at 44c over KCBT Mar wheat futures.
KCBT Wheat Futures
Strong USDA weekly wheat export sales brought underlying support to Kansas City wheat futures that have suffered losses throughout the week due to liquidation, according to traders. The recent break in the market prompted new export business, traders said, and sales were estimated at 825,000 metric tonnes. Kansas City was able to pull of of opening lows but didn't manage to settle higher, traders said. The Bolsa De Cereales, the grain exchange of Argentina, released a total Argentine wheat crop estimate of 7.4 million tonnes, traders said. The KC Mar/May spread was trading today with some funds rolling out of March positions, traders added.
KC Mar wheat settled 1 1/2 cents lower at $5.02. Today's trading volume was estimated at 11,522 contracts.
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