Ags – Midday Commentary – Aug 13,2009

Comments for the U.S. Commodity Futures Trading Commission Hearings (Commentary)

WHEAT UNABLE TO FIND SUPPORT
Kansas City wheat futures slipped lower today, unable to find support from outside markets and in the wake of bearish USDA production and ending stocks reports yesterday, traders said.  The market felt stronger coming into this morning's session after the late technical bounce yesterday, traders said.  No strong fundamentals to draw support from in wheat led to the lower trade despite weakness in the dollar and strength in crude oil, traders said.
USDA weekly wheat export sales were estimated at 479,200 metric tones, just above previous estimates of 350,000 to 450,000 metric tones.
CASH GRAIN:  The basis is steady with a little stronger feel in mid to lower levels protein levels, traders said.
:KCBT wheat volume/open interest for August 12
     In contracts
  Wheat     Volume     Exchs     Open-Int     Change
Sep-09        8176          627         23810        -2190
Dec-09         8102        120          50986       +2343
Mar-10           724            60           9897         +287
May-10           213             0            1532           +80
Jul-10           1049             0          11015          +14
Sep-10           233             0              665         +138
Dec-10           483             0            2283         +210
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        18980         807       100311        +882

Provided by: KCBT