Ags – Midday Commentary – Aug 11,2009

KC WHEAT TAKES OUT LOWS OF LAST WEEK
Kansas City wheat futures traded fairly quietly this morning, moving higher at one point on some positioning ahead of tomorrow's USDA reports, traders said.  The market moved lower by midday and took out last week's low, traders added, creating technical damage to the charts.  The index roll continues to be a focus today, with the KC Sep/Dec spread actively trading.  KC Sep Dec was narrowing in today, trading from 16 ¾ cents into 16 cents.
KC Sep wheat was 4 ¼ cents lower at $5.21 at midday.

CASH GRAIN:  The basis is steady again today, according to traders.
:KCBT wheat volume/open interest for August 10
     In contracts
  Wheat     Volume     Exchs     Open-Int     Change
Sep-09         7719         914        28114         -2874
Dec-09         5172         110        46820        +1830
Mar-10            876             0          9400           +232
May-10              43             0          1371               +3
Jul-10              311             4        10663                -5
Sep-10                6             0             377              -54
Dec-10              29             0          1922              +25
Mar-11                 0             0                0                +0
May-11                 0             0                0               +0
Jul-11                   0             0           123                +0
Sep-11                0               0               0                +0
TOTAL        14156      1028         98790            -793

Provided by: KCBT