KC stronger as Dollar weakens; Basis unchanged
Dec 23, 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. 23:
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 n/a to higher today. Last half of December soft white wheat values were 10 cents higher 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:
A weaker U.S. Dollar and bounce higher in feed grains allowed Kansas City wheat futures to trade higher in today's session, according to traders. There was some influence of new money in the market, but very little going into the Christmas holiday, traders said. KC Mar continues to trade within the range of $5.10 to $5.25, traders added. Yesterday's USDA crop progress reports indicated that 95% of the U.S. corn crop has been harvested, delayed by winter weather in the Midwest.
The Great Plains are experiencing a winter storm today and going into the holiday weekend. KC Mar wheat settled 5 3/4 cents higher at $5.23.
Today's trading volume was estimated at 9,932 contracts.
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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