Technical strength in KC wheat; Basis unchanged
Feb 22, 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 Feb. 16:
KC CASH HRW WHEAT:
There were no changes in the protein premium scale in Kansas City today.
GULF HRW WHEAT, 11.0% protein:
Feb shipment was at 44 over KCBT March. Wheat for Mar shipment was u/q over March. Wheat for Apr shipment was u/q over May.
The Pacific Northwest wheat markets were unchanged today. Last half of February soft white wheat values were unchanged at 4.80 today. Last half of February hard red spring wheat values were unchanged at 172 over MGE March futures. Hard red winter wheat values for last half of February shipment were unchanged at 42c over KCBT Mar wheat futures.
KCBT Wheat Futures
Kansas City wheat futures were called to open higher this morning, but found little momentum early in the session, traders said. Bearish fundamentals, including additional moisture over the weekend in HRW wheat areas and more in store for the end of the week, kept the market in check early, traders added. USDA weekly wheat export inspections were estimated at 17.708 million bushels and above previous estimates of 15 to 17 million bushels, traders said. Continued net short positions in the Chicago wheat market attributed to some short covering going into the latter part of the session, traders said. Strength in CBOT corn and soybean futures also lent to the higher technical trade, traders added.
KC Mar wheat settled 10 1/4 cents higher at $5.08 1/2.
Today's trading volume was estimated at 23,619 contracts.
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