Ags – Midday Report – Oct 9,2009

BEARISH USDA DATA WEIGHS ON WHEAT FUTURES
Kansas City wheat futures traded lower this morning, pressured by bearish data from the USDA supply and demand reports, according to traders.  Aggressive cuts to usage led to a large increase in wheat carryout, traders said.  U.S. wheat went from 743 million bushels in September to 864 this month.  Exports were cut by 50 million bushels and production was raised, traders said, also lending to the bearish stocks number.  A firmer U.S. dollar also weighed on wheat prices through.
KC Dec wheat was 8 1/4 cents lower at $4.81 1/2 at midday.
CASH GRAIN: Not a lot of cars around and a the basis has a firmer tone, traders said.
:KCBT wheat volume/open interest for October 7
     In contracts
  Wheat     Volume     Exchs     Open-Int     Change
Dec-09       13610       1457          58071          -97
Mar-10          2213           45          23770       +607
May-10           259             0             4935            -4
Jul-10           1100             0            18741      +300
Sep-10              31             0             1166            +5
Dec-10          1077             0           17032       +244
Mar-11                2              0                10             -2
May-11                0             0                   0            +0
Jul-11                28             0              287           +21
Sep-11               0               0                 0             +0
Dec-11               0               0                  0            +0
TOTAL        18320      1502        124012       +1074

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