US Plains HRW Wheat-Basis bids unchanged as farmers watch weather
CHICAGO, May 30 (Reuters) - Spot basis bids for hard red winter (HRW) wheat were flat on Friday as farmers experienced spotty rains in the U.S. Plains and anticipated the start of the harvest season, dealers said.
Agricultural consultancy Sovecon on Thursday raised its forecast for Russia's wheat exports for the 2025-2026 season by 1.1 million metric tons to 40.8 million tons, citing improved weather conditions for the harvest.
Chicago wheat traded both sides of unchanged on Friday as the U.S. dollar showed some signs of weakness and there was good export demand, according to analysts, but weather in growing regions was favorable.
CBOT July K.C. HRW wheat KWN25 futures finished 1-1/2 cents higher at $5.33-1/4 a bushel.
Basis values are quoted against futures in cts/bu:
Current | Previous | Cash | |||||
basis | basis | price | |||||
KANSAS | |||||||
Wichita | -31 | + | N | -31 | + | N | $5.02 |
Newton | -60 | + | N | -60 | + | N | $4.73 |
Goodland | -82 | + | N | -82 | + | N | $4.51 |
TEXAS | |||||||
Gulf track* | 100 | + | N | 100 | + | N | $6.33 |
Galveston** | 100 | + | N | 100 | + | N | $6.33 |
OKLAHOMA | |||||||
Enid | -25 | + | N | -25 | + | N | $5.08 |
Catoosa | 10 | + | N | 10 | + | N | $5.43 |
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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