Ags – Midday Report – Oct 9,2009

BEARISH USDA DATA WEIGHS ON WHEAT FUTURES
Kansas City wheat futures traded lower this morning, pressured by bearish data from the USDA supply and demand reports, according to traders.  Aggressive cuts to usage led to a large increase in wheat carryout, traders said.  U.S. wheat went from 743 million bushels in September to 864 this month.  Exports were cut by 50 million bushels and production was raised, traders said, also lending to the bearish stocks number.  A firmer U.S. dollar also weighed on wheat prices through.
KC Dec wheat was 8 1/4 cents lower at $4.81 1/2 at midday.
CASH GRAIN: Not a lot of cars around and a the basis has a firmer tone, traders said.
:KCBT wheat volume/open interest for October 7
     In contracts
  Wheat     Volume     Exchs     Open-Int     Change
Dec-09       13610       1457          58071          -97
Mar-10          2213           45          23770       +607
May-10           259             0             4935            -4
Jul-10           1100             0            18741      +300
Sep-10              31             0             1166            +5
Dec-10          1077             0           17032       +244
Mar-11                2              0                10             -2
May-11                0             0                   0            +0
Jul-11                28             0              287           +21
Sep-11               0               0                 0             +0
Dec-11               0               0                  0            +0
TOTAL        18320      1502        124012       +1074

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Ags – Midday Report – Oct 8,2009

DECENT EXPORT SALES IN WHEAT FUTURES
Several factors contributed to stronger trade in Kansas City wheat futures this morning, including decent export sales reports and Iraq's purchase of at least 200,000 metric tonnes of U.S. wheat, according to traders.  Export sales were estimated at 767,300 metric tonnes, better that in recent weeks, traders said.  In other export news, Saudi Arabia is also tendering for 550,000 metric tonnes of optional origin wheat.  The U.S. dollar was trading weaker this morning, supporting strength in crude oil and gold, traders said. Outside markets sustained the strength in Kansas City. 
KC Dec wheat was 13 3/4 cents higher at $4.94 at midday.

CASH GRAIN: There are fewer cars around today, creating a steady tone in the basis, traders said.  There were some stronger trades in 13.0 to 13.4 protein levels last night, traders added.
:KCBT wheat volume/open interest for October 7
     In contracts
  Wheat     Volume     Exchs     Open-Int     Change
Dec-09         6943         902         58168         +116
Mar-10          1547            0          23163         +229
May-10           367             0            4939           +51
Jul-10             553             0          18441            -15
Sep-10             45             0             1161          +12
Dec-10           273             0           16788           -18
Mar-11              10             0                12             +6
May-11               0              0                 0              +0
Jul-11                  2             0              266             +1
Sep-11               0              0                  0             +0
Dec-11                0            0                   0             +0
TOTAL         9740         902        122938        +382

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Ags – Midday Report – Oct 7,2009

C WHEAT BACKS OFF OF RECENT RALLY
Kansas City wheat futures traded quietly lower this morning, backing off of the run-up seen early this week, according to traders.  The market opened higher, but dragged lower with weakness in outside markets, traders said.  Corn and soybean futures were also trading lower today.  The U.S. dollar was firmer, and crude oil was trading lower this morning. 
In other news, Saudi Arabia announced a tender for 550,000 metric tonnes of wheat, optional origin, and for delivery between December and February, traders said.

KC Dec wheat was 3 1/4 cents lower at $4.72 1/4 at midday.

CASH GRAIN:  There are a lot of cars around, lending a weaker tone to the basis, traders said. 
:KCBT wheat volume/open interest for October 6
     In contracts
  Wheat     Volume     Exchs     Open-Int     Change
Dec-09       11248       1096         58052        -2328
Mar-10         2767              0          22934      +1003
May-10           628              0            4888           +31
Jul-10           1288              0          18456        +186
Sep-10           118              0           1149           +11
Dec-10         1135              0        16806            +61
Mar-11                2              0                6               +2
May-11                0              0                 0              +0
Jul-11                26              0            265            +12
Sep-11                0              0                  0              +0
Dec-11                 0             0                   0             +0
TOTAL         17212        1096      122556       -1022

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Ags – Midday Report – Oct 6,2009

KC DEC PUSHES THROUGH $4.78 LEVEL
A weaker U.S. Dollar, and talk of rain delays in the U.S. corn harvest brought support to Kansas City wheat futures today, according to traders.  Talk of a freeze remains in the forecast for the corn belt this weekend and Monday, traders added, sending grain markets into rally mode.
KC Dec wheat broke through a technical double top of $4.78, bringing additional buying activity, traders said. Dec futures rallied up to $4.88 before backing off going into midday.

KC Dec wheat was 14 1/2 cents higher at $4.76 1/4 at midday.

CASH GRAIN:  The basis feels steady, with some cars on the West Coast trading actively, traders said. 
:KCBT wheat volume/open interest for October 5
     In contracts
  Wheat     Volume     Exchs    Open-Int     Change
Dec-09       9414          837        60380        +1407
Mar-10        2030            82        21931          +457
May-10          348             0           4857          +125
Jul-10            688              0        18270          +102
Sep-10             38             0           1138              +7
Dec-10           518             0         16745           -209
Mar-11                0             0                 4               +0
May-11               0             0                  0              +0
Jul-11               14             0              253             +9
Sep-11               0             0                  0              +0
Dec-11                0             0                 0              +0
TOTAL        13050        919       123578        +1898

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Ags – Midday Report – Oct 5,2009

THREAT OF FREEZE IN MIDWEST SUPPORTS GRAINS
Talk of potential freezing weather in the nation's corn belt brought support to Kansas City wheat futures this morning and grain commodities, according to traders.  Talk of the colder weather is in the forecast for next weekend in the northern half of the Midwest, traders added.  Rain delays in the corn harvest are also supporting grain markets, traders added.
Kansas City wheat futures bounced higher today off of new contract lows met on Friday.
KC Dec wheat was 4 cents higher at $4.63 1/2 at midday.
CASH GRAIN:  There are a lot of cars in the market, and the basis feels steady to a little weaker in mid 11.0 and 12.0 protein levels. 
:KCBT wheat volume/open interest for October 2
     In contracts
  Wheat     Volume     Exchs    Open-Int     Change
Dec-09         6947       1107        58973         +507
Mar-10          1471            0         21474          -239
May-10           117             0           4732           +37
Jul-10             854           50         18168           +53
Sep-10              52             0            1131            +9
Dec-10            428             0        16954          -125
Mar-11                4              0                 4             +4
May-11                0             0                 0             +0
Jul-11                  3             0            244              +3
Sep-11                0             0                 0              +0
Dec-11               0             0                  0             +0
TOTAL         9876       1157       121680       +249

Provided by KCBT

Ags – Midday Report – Oct 2,2009

LARGE CORN ESTIMATES WEIGH ON WHEAT FUTURES
Kansas City wheat futures traded lower today, extending losses off of a false end-of-the-month rally seen on Wednesday, according to traders.  The market is correcting itself after the month-end and quarter-end spike, traders added.  Informa released corn estimates today, now estimating the U.S. corn crop at 13.127 billion bushels, well above the USDA September estimate of 12.954 billion bushels, traders said.  Bushel per acre yield for corn is at 168 according to Informa reports. 
The USDA will be releasing another Spring wheat estimate in the November 10 report, due to the late harvest and additional wheat to count, traders said.
KC Dec wheat was 8 cents lower at $4.61 1/2 at midday.
CASH GRAIN:  The cash market feels slow today, according to traders.
:KCBT wheat volume/open interest for September 30
     In contracts
  Wheat     Volume     Exchs     Open-Int     Change
Dec-09        6708         970         58466           -156
Mar-10           982            0           21713         +315
May-10            64             0            4695             -10
Jul-10             322            0          18115           +38
Sep-10           113            0            1122            +48
Dec-10           429            0          17079           +44
Mar-11                0            0                   0             +0
May-11               0            0                   0            +0
Jul-11               34             0              241           +29
Sep-11               0             0                  0             +0
Dec-11               0             0                 0              +0
TOTAL         8652          970       121431       +308

Provided by KCBT