US Plains HRW Wheat-Basis bids flat as rains slow harvest in some areas
CHICAGO, June 9 (Reuters) - Spot basis bids for hard red winter wheat were steady in the southern U.S. Plains on Monday as dealers saw new crop sales and farmers harvesting in some areas, but rains delayed the harvest in others, according to dealers.
Forecasts for continued rainfall could potentially threaten the crop's quality, according to brokers.
The U.S. Department of Agriculture is scheduled to issue an update on harvest progress in a weekly report on Monday. The nation's winter wheat harvest was 3% complete as of June 1.
Chicago Board of Trade July K.C. HRW wheat KWN25 futures finished 12 cents lower at $5.42-3/4 per bushel at 11:42 a.m CST (1642 GMT).
Basis values are quoted against futures in cts/bu:
Current | Previous | Cash | |||||
basis | basis | price | |||||
KANSAS | |||||||
Wichita | -25 | + | N | -25 | + | N | $5.18 |
Newton | -50 | + | N | -50 | + | N | $4.93 |
Goodland | -82 | + | N | -82 | + | N | $4.61 |
TEXAS | |||||||
Gulf track* | +105 | + | N | +105 | + | N | $6.48 |
Galveston** | +100 | + | N | +100 | + | N | $6.43 |
OKLAHOMA | |||||||
Enid | -25 | + | N | -25 | + | N | $5.18 |
Catoosa | +10 | + | N | +10 | + | N | $5.53 |
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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