Ags – Midday Commentary – Aug 27,2009

COMMODITIES LOWER TODAY ACROSS THE BOARD
Kansas City wheat futures traded lower today on continued ample supplies for wheat in the world marketplace, according to traders.  Despite weakness in the U.S. dollar, commodities were trading lower across the board, traders said.  USDA weekly wheat export sales were estimated at 652,700 metric tones of old crop wheat, above previous expectations of 300,000 to 500,000 metric tones, traders said.  Exports at this time are not driving the market, traders said, and the reality of large wheat supplies is weighing on the market.

KC Sep wheat was 7 1/4 cents lower at $5.03 3/4 at midday.

CASH GRAIN:  The basis continues to have a steady to weaker tone, traders said.
:KCBT wheat volume/open interest for August 26
     In contracts
  Wheat     Volume     Exchs     Open-Int     Change
Sep-09         5540       2303          7652          -2405
Dec-09         7280         250        62729           +898
Mar-10            497           30        11542           +122
May-10             60              0           1985               +1
Jul-10             411              0        11806           +167
Sep-10              22             0             678                -3
Dec-10            517             0           7270          +157
Mar-11                0              0                  0              +0
May-11                0             0                   0             +0
Jul-11                  5              0             134               -2
Sep-11                0              0                  0             +0
TOTAL        14332      2583       103796        -1065

provided by: KCBT