Ags – Midday Report – Sep 8,2009

KC WHEAT TRADES LOWER ON RAIN IN SOUTHERN HEMISPHERE
Favorable rains over the weekend in dry areas of Australia and Argentina weighed on Kansas City wheat futures this morning, according to traders.  The market was called to open higher on a weaker U.S. dollar and weaker outside markets, traders said, but Kansas City failed to follow the move.  The poor technical condition of the market was also a key factor in this morning's move lower, traders added.
In export news, Japan is seeking 133,000 metric tonnes of wheat in a weekly tender, including 70,000 metric tonnes of U.S. wheat.
KC Dec wheat was 7 cents lower at $4.83 at midday.
CASH GRAIN:  The basis has a slightly weaker tone, with some 11.0 and 12.0 proteins bid a little weaker, traders said.
:KCBT wheat volume/open interest for September 4
     In contracts
  Wheat     Volume     Exchs     Open-Int     Change
Sep-09          149             0                87           -223
Dec-09        9425        960         60904            -642
Mar-10        1056           50        13918             +73
May-10          252          15           2809             +52
Jul-10          1219            1         11529             +41
Sep-10            26             0             865               +0
Dec-10          830            0           8674           +480
Mar-11               0            0                 0                +0
May-11              0             0                 0               +0
Jul-11                0             0             149               +0
Sep-11               0             0                 0              +0
TOTAL        12957      1026        98935           -219

provided by: KCBT