Speculative buying in KC wheat; Basis unch to 1c higher
Dec 30, 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. 30:
KC CASH HRW WHEAT:
The basis was unchanged to 1 cent higher, with the 12.0 through 12.4 proteins 1 cent higher.
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 5.10 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.
KCBT Wheat Futures
Kansas City wheat futures bounced higher today, finding technical and speculative support, according to traders. Fundamentally, there is nothing out there to support wheat futures right now, traders said. Speculation that hedge funds will begin buying into wheat and corn next Friday with some new money coming into the New Year kept sellers on edge today, traders added. Some position squaring ahead of the New Year was also featured.
KC Mar wheat settled 2 1/2 cents higher at $5.40 1/2.
Today's trading volume was estimated at 6,890 contracts.
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