Softs – Midday Report – July 14,2009

LARGE DELIVERIES REPORTED IN KANSAS CITY
Kansas City wheat futures traded lower this morning, giving back some of yesterday's gains posted in a large rally, according to traders.  Harvest pressure weighed on prices, with the USDA reporting the winter wheat harvest at 66% percent completed in Monday's crop progress report.  Kansas is now estimated at 96% harvested, traders said. 
Deliveries against the KC July contract were large this morning, with Wichita reporting 519 intentions for delivery accepted by ADM Investor Services.  KC July wheat expires tomorrow, July 15.
KC Sep wheat was 9 ¼ cents lower at $5.61 ¾ at midday.
CASH GRAIN: The basis feels weaker in 12.0 protein levels and lower, according to traders.  Early reports from South Dakota harvest are finding some higher protein level wheat, traders said.
:KCBT wheat volume/open interest for July 13
     In contracts
  Wheat     Volume     Exchs     Open-Int     Change
Jul-09             187            0             536            -147
Sep-09         9478      1491        43076        +1946
Dec-09         5097       320        34420         +1648
Mar-10           280          42         5672              +92
May-10             52            0         1203                +6
Jul-10             179            0         9810             +44
Sep-10             36            0           223             +27
Dec-10             53            0         1061                -7
Mar-11               0             0               0                +0
May-11              0             0                0                +0
Jul-11                 0             0          130                +0
Sep-11               0             0               0                +0
TOTAL       15362      1853        96131       +3609

Provided by: KCBT