Ags – Midday Report – Oct 2,2009

LARGE CORN ESTIMATES WEIGH ON WHEAT FUTURES
Kansas City wheat futures traded lower today, extending losses off of a false end-of-the-month rally seen on Wednesday, according to traders.  The market is correcting itself after the month-end and quarter-end spike, traders added.  Informa released corn estimates today, now estimating the U.S. corn crop at 13.127 billion bushels, well above the USDA September estimate of 12.954 billion bushels, traders said.  Bushel per acre yield for corn is at 168 according to Informa reports. 
The USDA will be releasing another Spring wheat estimate in the November 10 report, due to the late harvest and additional wheat to count, traders said.
KC Dec wheat was 8 cents lower at $4.61 1/2 at midday.
CASH GRAIN:  The cash market feels slow today, according to traders.
:KCBT wheat volume/open interest for September 30
     In contracts
  Wheat     Volume     Exchs     Open-Int     Change
Dec-09        6708         970         58466           -156
Mar-10           982            0           21713         +315
May-10            64             0            4695             -10
Jul-10             322            0          18115           +38
Sep-10           113            0            1122            +48
Dec-10           429            0          17079           +44
Mar-11                0            0                   0             +0
May-11               0            0                   0            +0
Jul-11               34             0              241           +29
Sep-11               0             0                  0             +0
Dec-11               0             0                 0              +0
TOTAL         8652          970       121431       +308

Provided by KCBT