ags – midday report – Oct 12, 2009

KC WHEAT HIGHER WITH OUTSIDE MARKETS
Kansas City wheat futures traded higher today, supported by strength in outside markets, according to traders.  The U.S. Dollar was trading lower, and crude and gold were trading higher, traders said. 
It appears that new speculative money is coming into the marketplace, traders said.  Weather continues to be non-conducive for the corn and soybean harvest, traders said, with rain, snow, and colder temperatures in the forecast. France downgraded the French wheat crop by a million metric tonnes, traders said, also bringing support to wheat futures.  Saudi Arabia opted to purchase 550,000 metric tonnes of Canadian wheat. 
KC Dec wheat was 14 cents higher at $4.99 at midday.
CASH GRAIN: The basis feels steady, and the 12.0 protein levels were bid lower early in the day.
:KCBT wheat volume/open interest for October 9
     In contracts
  Wheat     Volume     Exchs     Open-Int     Change
Dec-09         9092       1106         57134          -937
Mar-10          2010          10          24174         +404
May-10            679            0            5102          +167
Jul-10            2329            0          19247         +506
Sep-10              44             0            1158              -8
Dec-10          1637            0          17692         +660
Mar-11                 6            0                 16             +6
May-11                0             0                   0             +0
Jul-11                 50            0              321           +34
Sep-11                 0             0                 0              +0
Dec-11                0              0                 0              +0
TOTAL         15847      1116       124844         +832

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