Ags – Midday Commentary – Aug 21,2009

KC WHEAT STRUGGLES TO STAY HIGHER
Kansas City wheat futures opened higher today with a weaker U.S. dollar and strength in outside markets, but failed to hold support, according to traders.  The market struggled as the morning progressed, as global supplies continue to be ample and large crops are being reported from European wheat areas and Canada, traders said.  STATS Canada announced a production estimate of 23.61 million metric tones this morning, a little higher than the trade estimate of 23 million metric tones.  Wheat futures traded relatively quietly this morning, and KC Sep wheat was 6 ¼ cents lower at $4.92 ½ at midday.
CASH GRAIN:  The basis is steady to a little weaker on the lower protein levels, traders said.
:KCBT wheat volume/open interest for August 20
     In contracts
  Wheat     Volume     Exchs     Open-Int     Change
Sep-09         4799       2770        16075          -959
Dec-09         5232         342        58679          +648
Mar-10            841         228        10778         +183
May-10              31             0         1875               +0
Jul-10              341             0        11465            +15
Sep-10              13             0           675               -10
Dec-10            708             0         3915          +484
Mar-11                 0             0                0              +0
May-11                0             0                0              +0
Jul-11                  4             0            132              +3
Sep-11                0             0                0               +0
TOTAL        11969      3340       103594        +364

Provided by: KCBT