Softs – Midday Report – July 21,2009

KC WHEAT BACKS OFF AS HARVEST WRAPS UP
 
Kansas City wheat futures traded lower today, backing off of yesterday's stronger trade and on new crop wheat in the marketplace, according to traders.  USDA crop progress reports indicated the winter wheat harvest at 72% complete at this time.  The state of Kansas is now estimated at 100% complete.  Spring wheat conditions showed improvement of 2% this week at 73%, compared to 63% at this time last year.
In export news, Egypt is seeking 30,000 to 60,000 metric tones of wheat, and Japan is looking for 108,000 metric tones of wheat from the U.S. and Australia.
KC Sep wheat 5 1/4 cents lower at $5.65 ¾ at midday.
CASH GRAIN: The basis feels heavy again today with higher protein levels of cars coming in from South Dakota, traders said.
 
:KCBT wheat volume/open interest for July 20
     In contracts
  Wheat     Volume     Exchs     Open-Int     Change
 Sep-09         9219      1478        40953              -29
 Dec-09          2641           0         36401             +79
 Mar-10            389          24          6224              +96
 May-10            105            0          1277              +16
 Jul-10              251            0        10667              +76
 Sep-10              17             0           231                 +7
 Dec-10              36             0         1238                 +0
 Mar-11                0             0                0                 +0
 May-11                0             0               0                  +0
 Jul-11                  0             0          126                  +0
 Sep-11                 0            0                0                +0
  TOTAL      12658      1502        97117            +245

Provided by:KCBT