KC rallies with corn and beans; Basis unchanged
Dec 28, 2009
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 Dec. 28:
KC CASH HRW WHEAT:
There were no changes in the protein premium scale today.
GULF HRW WHEAT, 11.0% protein:
Dec shipment was at 30 over KCBT March. Wheat for Jan shipment was 30 over March. Wheat for Feb shipment was 30 over March.
The Pacific Northwest wheat markets were unchanged today. Last half of December soft white wheat values were unchanged at 4.95 today. Last half of December hard red spring wheat values were unquoted over MGE March futures. Hard red winter wheat values for last half of December shipment were unquoted over KCBT Mar wheat futures.
KC CASH HRW WHEAT:
Kansas City wheat futures led early a rally that seeped into grain markets today after a winter storm that covered the Midwest and Great Plains over the three-day holiday weekend, according to traders. A lack of farmer selling due to little movement in the country and some new fund money ahead of the New Year drove the markets higher today, traders said. The U.S. Dollar also traded lower today, supporting gains in commodities, traders added.
The corn harvest that was already delayed due to wet weather this fall will face possible abandonment due to the snowfall on remaining fields, traders said. Outside markets were influential in today's rally.
KC Mar wheat settled 24 1/2 cents higher at $5.46.
Today's trading volume was estimated at 9,607 contracts.
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