US Plains HRW Wheat-Basis bids steady, winter wheat harvest begins
CHICAGO, June 2 (Reuters) - Spot basis bids for hard red winter (HRW) wheat were steady in the southern U.S. Plains on Monday as farmers have started to harvest crops, dealers said.
The U.S. winter wheat harvest is estimated to be 4% complete in a U.S. Department of Agriculture report due at 3 p.m. CDT (2000 GMT).
Cooler-than-normal conditions are expected in the central Plains heading into next week, weather forecasters said.
Chicago Board of Trade July K.C. HRW wheat KWN25 futures were up 8 cents at $5.41-1/4 a bushel by 12:30 p.m. CDT (1730 GMT).
Basis values are quoted against futures in cts/bu:
Current | Previous | Cash | |||||
basis | basis | price | |||||
KANSAS | |||||||
Wichita | -31 | + | N | -31 | + | N | $5.10 |
Newton | -60 | + | N | -60 | + | N | $4.81 |
Goodland | -82 | + | N | -82 | + | N | $4.59 |
TEXAS | |||||||
Gulf track* | +100 | + | N | +100 | + | N | $6.41 |
Galveston** | +100 | + | N | +100 | + | N | $6.41 |
OKLAHOMA | |||||||
Enid | -25 | + | N | -25 | + | N | $5.16 |
Catoosa | +10 | + | N | +10 | + | N | $5.51 |
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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