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Kansas City wheat futures traded lower Monday, feeling pressure from rainfall over the weekend in key, world wheat growing areas, according to traders. Europe and Australia, who have been experiencing problems with dry conditions, both received some moisture, traders added. In the U.S., warm weather and wet conditions in the HRW wheat crop were raising concerns about disease, traders said. The market closed down 12 1/4 to 16 cents.

The market was lower early Tuesday in light trade on the first day of the Wheat Quality Council's Hard Red Winter Crop Tour. Traders said that buying Chicago and selling Kansas City was a major market feature early, moving the market to its lows. Stops were then hit below yesterday's close. However, later in the day, bullish news started coming in from the crop tour, which when combined with a rallying Chicago corn market, gave the wheat markets some strength. The market closed up 1/4 cent to 4 cents.

Wheat futures saw overall light trading activity on Wednesday. Traders noted that much like the previous day, there was some buy Chicago/sell Kansas City spreading. Also, the Kansas City wheat/corn spread was being seen. Bearish news from the crop tour weighed on pricing. On the day, prices were 2 1/4 to 9 cents lower.

Kansas City wheat futures traded in light volume again Thursday with most activity in the July flat price early and then in the May/July spread, traders said.
Delivery intentions for 1,000 of the May contract were announced in Hutchinson. The industry was awaiting the announcement from crop tour, which came out after the close. The market settled mixed.

Kansas City wheat futures traded mixed today in reaction to the Wheat Quality Council's final estimate for the 2007 Kansas wheat crop tour. Participants in the tour
estimated the Kansas wheat crop at 392.74 million bushels. Last year's final estimate for the tour was 319.2 million bushels. The tour's estimate is right in line with what the market was anticipating, according to traders, for the time being. Informa released numbers this morning at 10:30, estimating the crop at 345.8 million bushels. The market closed mixed.

Other Items to Note:

• The protein premium scale was 4 cents lower on all percentages.
• Wheat futures estimated trading volume for the week at the KCBT was approximately 67,191 contracts.

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