US Plains HRW Wheat-Basis bids flat as futures gain strength
CHICAGO, May 29 (Reuters) - Spot basis bids for hard red winter (HRW) wheat were flat in the U.S. Plains on Thursday as futures extended gains.
U.S. crop ratings came in below market expectations, though prices remained within sight of a five-year low amid broadly favorable harvest prospects in the northern hemisphere and sluggish international demand.
Farmers' sales have remained slow despite a rebound in futures.
Beneficial rains are forecast for the U.S. Plains.
Lower-than-expected U.S. Department of Agriculture crop ratings earlier in the week have continued to support prices.
CBOT July K.C. HRW wheat KWN25 futures finished 6-1/2 cents higher at $5.31-3/4 a bushel.
Basis values are quoted against futures in cts/bu:
Current | Previous | Cash | |||||
basis | basis | price | |||||
KANSAS | |||||||
Wichita | -31 | + | N | -31 | + | N | $5.01 |
Newton | -60 | + | N | -60 | + | N | $4.72 |
Goodland | -82 | + | N | -82 | + | N | $4.50 |
TEXAS | |||||||
Gulf track* | 100 | + | N | 100 | + | N | $6.32 |
Galveston** | 100 | + | N | 100 | + | N | $6.32 |
OKLAHOMA | |||||||
Enid | -25 | + | N | -25 | + | N | $5.07 |
Catoosa | 10 | + | N | 10 | + | N | $5.42 |
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
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