Profit Taking In Kc Wheat Futures.
Kansas City wheat futures traded lower today on some profit taking after the sharp gains seen in grain markets across the board yesterday, according to traders. After a day of significant buying yesterday, the market is taking a breather today, traders added, and attempting to fill the gap back in. USDA weekly wheat export sales for wheat were a decent amount, estimated at 418,900 metric tonnes, traders said. Previous trade guesses ranged from 300,000 to 450,000 metric tonnes. Export sales for corn were poor, while soybeans sales were very good as expected, traders said. The weather forecast shows the chance for cooler weather in the Midwest next week but not much precipitation.
KC Sep wheat was 20 3/4 cents lower at $8.22 1/4 at midday.
CASH GRAIN: There is not a lot of wheat around and the basis feels steady today, according to traders.
KCBT wheat volume/open interest for July 5
In contracts
Wheat Volume Exchs Open-Int Change
Jul-12 115 0 442 -73
Sep-12 17232 2025 74867 +650
Dec-12 9831 1 43400 +461
Mar-13 2620 0 10323 -412
May-13 536 0 5286 -58
Jul-13 1930 0 11833 +408
Sep-13 136 0 306 +85
Dec-13 128 0 462 +79
Mar-14 9 0 16 +7
Jul-14 9 0 95 +9
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Total 32546 2026 147030 +1156
The KCBT, founded in 1856, is Kansas City's oldest business and the world's largest futures market for hard red winter wheat. Daily quotes, market commentary, historical data and charting services are available on our website at www.kcbt.com.
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Source: KCBT