ags – midday report – Oct 13, 2009

KC WHEAT SEPARATES FROM CORN AND SOYBEANS
Kansas City wheat futures went from lower to higher this morning, removing themselves from the influence of price direction in corn and soybean futures, according to traders.  Kansas City was able to continue the rally seen in yesterday's session, while corn and beans backed off, traders added.  The funds continue to be short in Chicago, which could explain the further gains in wheat, traders said.  There has been nothing for sale in Kansas City today, except for some small producer selling on the way higher, traders added.

KC Dec wheat was 6 cents higher at $5.17 at midday. 

CASH GRAIN: The basis feels firm, with a few cars around but ordinary through 12.0 proteins feeling strength, traders said.
:KCBT wheat volume/open interest for October 12
     In contracts
  Wheat     Volume     Exchs     Open-Int     Change
Dec-09         9614         851         56481          -653
Mar-10          1439          10          24489         +315
May-10            215            0            5156            +54
Jul-10              964            0          19293           +46
Sep-10              33            0            1177            +19
Dec-10            796            0         17443           -249
Mar-11                 9            0                23              +7
May-11                 0           0                  0              +0
Jul-11                 20           0              334           +13
Sep-11                 0             0                  0             +0
Dec-11                 0            0                   0            +0
TOTAL          13090       861       124396         -448

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