Ags – Midday Report – Oct 7,2009

C WHEAT BACKS OFF OF RECENT RALLY
Kansas City wheat futures traded quietly lower this morning, backing off of the run-up seen early this week, according to traders.  The market opened higher, but dragged lower with weakness in outside markets, traders said.  Corn and soybean futures were also trading lower today.  The U.S. dollar was firmer, and crude oil was trading lower this morning. 
In other news, Saudi Arabia announced a tender for 550,000 metric tonnes of wheat, optional origin, and for delivery between December and February, traders said.

KC Dec wheat was 3 1/4 cents lower at $4.72 1/4 at midday.

CASH GRAIN:  There are a lot of cars around, lending a weaker tone to the basis, traders said. 
:KCBT wheat volume/open interest for October 6
     In contracts
  Wheat     Volume     Exchs     Open-Int     Change
Dec-09       11248       1096         58052        -2328
Mar-10         2767              0          22934      +1003
May-10           628              0            4888           +31
Jul-10           1288              0          18456        +186
Sep-10           118              0           1149           +11
Dec-10         1135              0        16806            +61
Mar-11                2              0                6               +2
May-11                0              0                 0              +0
Jul-11                26              0            265            +12
Sep-11                0              0                  0              +0
Dec-11                 0             0                   0             +0
TOTAL         17212        1096      122556       -1022

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