OK, TX brace for winter storm; Basis 1c lower to 1c higher
Jan 27, 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. 27:
KC CASH HRW WHEAT:
The basis was 1 cent lower to 1 cent higher today, with the ordinary and 11.4 proteins 1 cent lower and the 11.6 proteins 1 cent lower.
GULF HRW WHEAT, 11.0% protein:
Jan shipment was at 35 over KCBT March. Wheat for Feb shipment was 35 over March. Wheat for Mar shipment was u/q over March.
The Pacific Northwest wheat markets were mixed today. Last half of January soft white wheat values were 15 cents higher at 5.00 today. Last half of January hard red spring wheat values were 2 cents lower at 144 over MGE March futures. Hard red winter wheat values for last half of January shipment were 2 cents lower at 44c over KCBT Mar wheat futures.
KCBT Wheat Futures
A significant winter storm is in the forecast for the Southern Plains of the United States, weighing on Kansas City wheat futures today. Much-needed moisture will fall in key HRW wheat areas of Oklahoma and Texas going into the weekend, traders added. Kansas City wheat futures traded lower early on the speculation, and stronger trade in the U.S. Dollar. Disappointment regarding conditions in the world export market continues to weigh on wheat futures, traders said, with Egypt opting to purchase 180,000 metric tonnes of wheat out of the Black Sea area. Intra-market spreading was also present with funds exiting long positions, traders added.
KC Mar wheat settled 9 cents lower at $4.90 1/2. Today's trading volume was estimated at 16,849 contracts.
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