Ags – Midday Report – Oct 8,2009

DECENT EXPORT SALES IN WHEAT FUTURES
Several factors contributed to stronger trade in Kansas City wheat futures this morning, including decent export sales reports and Iraq's purchase of at least 200,000 metric tonnes of U.S. wheat, according to traders.  Export sales were estimated at 767,300 metric tonnes, better that in recent weeks, traders said.  In other export news, Saudi Arabia is also tendering for 550,000 metric tonnes of optional origin wheat.  The U.S. dollar was trading weaker this morning, supporting strength in crude oil and gold, traders said. Outside markets sustained the strength in Kansas City. 
KC Dec wheat was 13 3/4 cents higher at $4.94 at midday.

CASH GRAIN: There are fewer cars around today, creating a steady tone in the basis, traders said.  There were some stronger trades in 13.0 to 13.4 protein levels last night, traders added.
:KCBT wheat volume/open interest for October 7
     In contracts
  Wheat     Volume     Exchs     Open-Int     Change
Dec-09         6943         902         58168         +116
Mar-10          1547            0          23163         +229
May-10           367             0            4939           +51
Jul-10             553             0          18441            -15
Sep-10             45             0             1161          +12
Dec-10           273             0           16788           -18
Mar-11              10             0                12             +6
May-11               0              0                 0              +0
Jul-11                  2             0              266             +1
Sep-11               0              0                  0             +0
Dec-11                0            0                   0             +0
TOTAL         9740         902        122938        +382

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