US Plains HRW Wheat-Basis bids mostly steady amid demand uncertainty
CHICAGO, June 5 (Reuters) - Spot basis bids for hard red winter (HRW) wheat were mostly stable in the southern U.S. Plains on Thursday amid uncertainty over demand, grain dealers said.
The U.S. Department of Agriculture reported net U.S. HRW wheat export sales reductions of 44,400 metric tons for 2024-25 in the week that ended on May 29. It reported net reductions of 13,170 metric tons a week earlier.
For 2025-26, USDA reported weekly export sales of 259,529 metric tons, down from 342,732 metric tons a week ago.
Rains are expected to limit the progress that farmers can make on harvesting into next week, a dealer said.
The basis improved by a nickel per bushel in the Gulf track market in Texas.
Chicago Board of Trade July K.C. HRW wheat KWN25 futures were up 1-3/4 cents at $5.41-3/4 per bushel by 12:10 p.m. CDT (1710 GMT).
Basis values are quoted against futures in cts/bu:
Current | Previous | Cash | |||||
basis | basis | price | |||||
KANSAS | |||||||
Wichita | -25 | + | N | -25 | + | N | $5.17 |
Newton | -50 | + | N | -50 | + | N | $4.92 |
Goodland | -82 | + | N | -82 | + | N | $4.60 |
TEXAS | |||||||
Gulf track* | +105 | + | N | +100 | + | N | $6.47 |
Galveston** | +100 | + | N | +100 | + | N | $6.42 |
OKLAHOMA | |||||||
Enid | -25 | + | N | -25 | + | N | $5.17 |
Catoosa | +10 | + | N | +10 | + | N | $5.52 |
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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