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Pat Hill DTN Markets Editor

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Friday 07/30/10

Cash Wheat Indexes Up Again

Yet another big advance in wheat futures carried cash bids higher again on Thursday.

Basis widened by 2 cents in both SRW and HRW, but the cash SRW index still gained a dime, to $5.65, and the HRW index added 13 cents, to $4.99. The HRS index, with basis remaining firm, added 15 cents to $5.70.

With overnight trade still in green numbers (Chicago was up 9 cents at 6:15 a.m.) many cash wheat bids are poised to finish the month more than a dollar higher than at the end of June.

The DTN cash soybean index also added 12 cents on Thursday, to $9.91, but that performance was shaded as basis weakened a nickel, to 36 cents under the Aug. With apparently few old crop beans left in farmers' hands, it's hard to say whether those numbers really mean much, though.

The corn index rose 3 cents, to $3.36, with basis steady at 43 cents under the Sep.

There was no new fundamental news on the wires overnight, so traders on this last day of July may be keeping a close eye on weather forecasts to determine market direction.

Posted at 6:23AM CDT 07/30/10 by Pat Hill

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