Ags – Midday Commentary – Aug 19,2009

KC WHEAT BOUNCES HIGHER
Kansas City wheat futures traded both sides of unchanged today, felling pressure early from a stronger U.S. dollar, but turning higher on some supportive export news, traders said.  Egypt purchased 120,000 metric tones of U.S. wheat amidst a total purchase of 270,000 metric tones, traders said.
The dollar had turned lower by midday and crude oil turned higher, also influencing the turn higher in wheat futures, traders said.  KCBT wheat prices feel a little oversold at this time, traders added.  

KC Sep wheat was 3 ¾ cents higher at $5.02 ¼ at midday.

CASH GRAIN:  The basis feels steady to a little weaker on lower proteins, traders said. 
:KCBT wheat volume/open interest for August 18
     In contracts
  Wheat     Volume     Exchs     Open-Int     Change
Sep-09         3684       1331        17883           -900
Dec-09         4185         321         56931         +834
Mar-10           693           30         10677          +198
May-10           302       100            1834            +80
Jul-10             373            0         11505             -36
Sep-10             28            0              665              +5
Dec-10           332            0           2907             -25
Mar-11               0             0                 0               +0
May-11              0             0                  0              +0
Jul-11                0             0             128               +0
Sep-11              0             0                 0                +0
TOTAL         9597      1782       102530          +156

Provided by: KCBT