KCBT Wheat Futures Trades both Sides of Unchanged
May 06, 2010
KCBT wheat futures were trading lower this morning, giving back some of the gains from yesterday, traders said. USDA weekly export sales numbers were disappointing; 150,000 tonnes of old crop and 134,000 tonnes of new crop were reported. The U.S. Dollar continues strong, weighing on wheat futures.
The Wheat Quality Council's Hard Red Winter Wheat Crop Tour kicked off Monday night in Manhattan. Information is be available daily from the KCBT crop tour scout and can be found at http://www.kcbt.com/crop_tour_3.html
. The final estimate for day 2 of the tour was 39.9 bushels per acre, based off of 215 stops throughout the day. This compares to last year's day two estimate of 39.8 bushels per acre, based off of 212 stops. After two days of observations by tour participants, the average now stands at 40.3 bushels per acre, based on 428 total stops. This number is down .3 from last year's 2-day estimate of 40.6.
No intentions for delivery against the KCBT May contract were reported this morning.
KC July wheat was 1/4 cents lower at $5.23 3/4 at midday.
CASH GRAIN: The basis was steady with a small amount of receipts, traders said.
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