HARVEST WEIGHS ON WHEAT FUTURES – July 2,2009
Kansas City wheat futures traded lower this morning, as the Hard Red Winter wheat harvest continues to move further north in the state of Kansas and is wrapping up in south central Kansas, according to traders.  The Fourth of July weekend looks to be a full harvest weekend, with some possibilities of small shower delays, traders added.
USDA weekly wheat export sales were estimated at 241,900 metric tones, which previous estimates of 200,000 to 400,000 metric tones.  Japan purchased 87,000 metric tones of U.S. wheat and 21,000 metric tones of Australian wheat.
Strength in the U.S. dollar also weighed on wheat futures prices this morning.  Crude oil was also trading lower.
KC July wheat was 6 ¾ cents lower at $5.57 at midday.
CASH GRAIN: The basis is weaker in lower to mid-protein levels, with higher proteins bid steady, according to traders.
:KCBT wheat volume/open interest for July 1
     In contracts
  Wheat     Volume     Exchs     Open-Int     Change
Jul-09             732            0            2224          -498
Sep-09       10238      1668        39795          +284
Dec-09         3998        106        30126          +394
Mar-10            940            0          3691           +285
May-10           132          14            940             +82
Jul-10             383            3          9385              -33
Sep-10               0             0           137               +0
Dec-10               7             0          1081               -1
Mar-11               0             0                0               +0
May-11               0            0                0                +0
Jul-11                 0             0           130                +0
Sep-11                0            0               0                +0
TOTAL       16430      1791        87509        +513

Provided by KCBT