Ags – Midday Report – Sept 23,2009

TECHNICAL BOUNCE IN KC WHEAT FUTURES
Kansas City wheat futures traded higher this morning, susceptible to technical bounces due to the net short positions in the Chicago wheat market, according to traders.  Stops were hit in Chicago, pulling Kansas City wheat prices higher, traders said.  The market has been short wheat versus corn and soybeans, traders added.  KC Dec is meeting resistance in the $4.79 to $4.80 area, while KC Mar is meeting resistance at $4.96 to $4.97.  Today's strength in wheat was technically oriented, traders said.

KC Dec wheat was 8 3/4 cents higher at $4.77 at midday.

CASH GRAIN:  The basis feels steady at midday.
:KCBT wheat volume/open interest for September 22
     In contracts
  Wheat     Volume     Exchs     Open-Int     Change
Dec-09         7157         657        61531           -305
Mar-10         1623          24          21009          +389
May-10           430             0           4629             +93
Jul-10              295            0          14296             -40
Sep-10             17             0              897                -1
Dec-10          477              0          13690          +135
Mar-11               0              0                  0               +0
May-11               0              0                 0                +0
Jul-11                 3              0             177               +0
Sep-11               0              0                  0               +0
Dec-11                0             0                  0              +0
TOTAL        10002        681       116229          +271

Provided by KCBT