US Plains HRW Wheat-Basis bids hold mostly steady as futures ease
CHICAGO, May 23 (Reuters) - Spot basis bids for hard red winter (HRW) wheat held mostly steady in the southern U.S. Plains on Friday, underpinned by slow farmer sales and lower futures prices, grain merchants said.
Strong export demand for U.S. wheat kept a firm floor under prices at Gulf Coast terminals. The U.S. Department of Agriculture in Thursday reported the strongest week of export sales since December 2023 for the week ended May 15 in a weekly report on Thursday as global buyers stocked up on competitively priced U.S. grain.
CBOT July K.C. HRW wheat KWN25 futures last traded 2 cents lower at $5.38 a bushel, after hitting a 3-1/2 week high at midweek. The market will be closed on Monday for the U.S. Memorial Day holiday.
Basis values are quoted against futures in cts/bu:
Current | Previous | Cash | |||||
basis | basis | 0price | |||||
KANSAS | |||||||
Wichita | -36 | + | N | -36 | + | N | $5.02 |
Newton | -65 | + | N | -65 | + | N | $4.73 |
Goodland | -82 | + | N | -82 | + | N | $4.56 |
TEXAS | |||||||
Gulf track* | +100 | + | N | +100 | + | N | $6.38 |
Galveston** | +100 | + | N | +100 | + | N | $6.38 |
OKLAHOMA | |||||||
Enid | -25 | + | N | -25 | + | N | $5.13 |
Catoosa | +10 | + | N | +10 | + | N | $5.48 |
NOTES:
H = March, K = May, N = July, U = September
Z = December; UNQ = Unquoted bids
0 = Sp Option price; NC = No comparison
* = No. 1 12% hard winter wheat, rail bids
** = Ordinary protein, rail bids
LINKS:
* K.C. HRW wheat protein scales KCBT/SCA
* U.S. weekly wheat crop progress US/WHE
* U.S. forward basis WHEAT/BASIS
* U.S. Midwest cash grain PM GRA/PM
* U.S. FOB Gulf Grain GRA/F
Related Articles
Can $100 Billion Change the Future of AI? The Inside Story of Nvidia and OpenAI’s Mega Partnership
TradingKey - Recently, headlines around the world spotlighted Nvidia’s deal to invest up to $100 billion in OpenAI, a move that’s already being called one of the boldest bets in the history of artificial intelligence.
U.S. Q2 GDP Commentary: Unsustainable Growth Rebound, What’s Next for the Stock Market?
TradingKey - On 25 September 2025, the U.S. released the final Q2 GDP data. The data showed that the annualised quarter-on-quarter real GDP growth rate was 3.8%, surpassing the preliminary estimates of 3% in July and 3.3% in August.
An Overview of U.S. Government Shutdowns: Causes and Consequences
TradingKey - A government shutdown is a uniquely American political event. After former President Donald Trump orchestrated the longest and most costly government shutdown in history during his first term, the risk of another shutdown has resurfaced at the start of his second term.
U.S. August PCE Preview: Four-Run PCE Bounce Challenges the Fed’s Three-Cut Plan
TradingKey - The U.S. Bureau of Economic Analysis (BEA) will release the August Personal Consumption Expenditures (PCE) Price Index on Friday, September 26, with markets closely watching how much tariff pass-through effects have influenced inflation.
U.S. August PCE: Inflation Remains the Market's Greatest Risk
Our baseline forecast anticipates sustained asset price increases. However, if inflation surpasses market expectations in the coming months, it could hinder further rate cuts and pose the greatest risk to financial markets.
