Ags – Midday Report – Sept 14,2009

KC WHEAT TOUCHES CONTRACT LOWS
Kansas City wheat futures touched contract lows today, feeling pressure from large world wheat supplies and strength in the U.S. dollar, according to traders.  KC Dec wheat touched $4.56, the low seen in Friday's session, traders added.  Talk of international trade disputes between China and the U.S. were also discussed this morning, weighing on the corn market. 
The USDA's increase of world wheat stocks at 186.61 million metric tonnes from the August estimate of 183.56 million metric tonnes on Friday continued to weigh on today's wheat prices, traders said.
KC Dec wheat was 10 3/4 cents lower at $4.67 at midday.
CASH GRAIN:  The basis feels steady to firmer today, according to traders.
:KCBT wheat volume/open interest for September 11
     In contracts
  Wheat     Volume     Exchs     Open-Int     Change
Sep-09             16             0                   2             -11
Dec-09       11194        649          60457         +553
Mar-10         1628             0         17894          +349
May-10          240           18            3783            +39
Jul-10          1627             0         13196           +372
Sep-10             55             0             885               +8
Dec-10        1479              0         11061          +729
Mar-11               0              0                 0                +0
May-11               0             0                  0               +0
Jul-11                 0              0             168              +0
Sep-11               0              0                 0              +0
TOTAL        16239        667       107446       +2039

provided by: KCBT