Wheat Market Commentary

WEEKLY WRAP-UP OF KCBT WHEAT FUTURES TRADING on May 22, 2009

By: Shelia A. Summers, KCBT Vice President - Marketing

Why wait all week to see what occurred in the hard red winter wheat market? Daily market information is available by email in the KCBT Review newsletter.

The KCBT wheat futures market traded higher on Monday on a reversal due to fund activity, traders said. Support was drawn from outside markets, notably stronger crude oil and a weaker U.S. Dollar. Warmer weather looked promising for Spring wheat planting. There were reports that Egypt was halting Russian wheat shipments until quality issues were resolved. The market closed up 12 to 13 1/2 cents.

Other Items to Note:

The KCBT will be closed on Monday, May 25 in observance of the Memorial Day holiday.
The protein premium scale was
Wheat futures estimated trading volume for the week at the KCBT was approximately contracts.

In the past week, the KCBT futures contracts have changed the following amounts:

CONTRACT	CHANGE	AMOUNT		CURRENT PRICE
July	-	2 1/2	cents	6.30 1/2
Sep	-	3 1/4	cent	6.40 1/4
Dec	-	3 3/4	cents	6.55 1/4

In the past week, the KCBT INTRA-MARKET spreads have changed the following amounts:

SPREAD	LAST WEEK	DIRECTION	CURRENT	SPREAD
July/Sep	n/a	n/a		9 1/2 to 9 3/4 cents

In the past week, the KCBT/CBT spreads, have changed the following amounts:

SPREAD	CHANGE	AMOUNT		CURRENT	SPREAD
July/July	+	9	cents		53 cents (premium Kansas City)

Comments are NOT an endorsement by the KCBT of trading strategy.