Oklahoma Farm Report - Kansas City Wheat Futures Run Out of Gas- Finish Lower in Wednesday's Trade

Agricultural News

Kansas City Wheat Futures Run Out of Gas- Finish Lower in Wednesday's Trade

Thu, 04 Dec 2008 6:21:57 CST

Kansas City wheat futures traded mixed today, running out of selling momentum earlier in the day before bouncing higher at midsession and giving back gains on the close, according to traders.

There was very little news for wheat futures, traders said, and the financials had a hard time digesting further bailout news and growing concerns about the U.S. economy.

Crude oil ended slightly lower today, while the DJIA settled slightly higher. The U.S. dollar was firmer today, traders said. USDA weekly wheat exports are due tomorrow, with estimates ranging from 350,000 to 550,000 metric tonnes.

There were 391 contracts intended for redelivery this morning against the KC Dec contract.

KC Mar wheat settled 9 cents lower at $5.46.

Today's trading volume was estimated at 8,864 contracts.

Clcik on the PDF file below for the full report of information on cash wheat prices, options, basi levels and futures.

01367_KCBT_12042008.pdf

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