Ags – Midday Report – Sept 30,2009

USDA REPORTS BEARISH FOR WHEAT
Kansas City wheat futures traded lower today, pressured by mostly bearish USDA small grains and stocks reports this morning, according to traders.  U.S. grain stocks were 84 million bushels above average guesses, estimated at 2.215 billion bushels, traders said.  U.S. wheat production numbers were also bearish, with Spring wheat production estimated at 587 million bushels compared to the August estimate of 548 million bushels, traders said.  This confirms the talk of Spring wheat average yields coming in better than expected, traders said.
KC Dec wheat was 4 1/2 cents lower at $4.64 at midday.
CASH GRAIN:  The basis has a firmer tone in mid-protein levels, according to traders.
:KCBT wheat volume/open interest for September 29
     In contracts
  Wheat     Volume     Exchs     Open-Int     Change
Dec-09         8618         771         59568          -376
Mar-10         1203          273        21669          +172
May-10           352              0           4661            -65
Jul-10          1165               0          18280          +86
Sep-10             48              0            1043           +13
Dec-10        1582               0        17209         +156
Mar-11                0              0                 0             +0
May-11               0              0                 0             +0
Jul-11                 5              0            210              +0
Sep-11               0              0                0              +0
Dec-11                0             0                0              +0
TOTAL        12973       1044      122640           -14

Provided by KCBT