US Plains HRW Wheat-Basis bids steady to higher as harvest begins gradually
CHICAGO, June 13 (Reuters) - Spot basis bids for hard red winter wheat ticked up at some locations in the U.S. southern Plains on Friday, with drier weather on the horizon after a long stretch of rains delayed harvests, analysts said.
Weather forecaster Vaisala said drier weather in the southern Plains will aid winter wheat drydown in the coming weeks. Wheat must be dried down to a certain level for safe milling and long-term storage.
Protein premiums for railcar wheat shipped to and through Kansas City rose 15 cents for wheat with 11.8% protein, 40 cents for 12-12.2% protein, 33 cents for 12.4-12.8% protein, 45 cents for 13% protein, 35 cents for 13.2% protein, 28 cents for 13.4% protein, 25 cents for 13.6% protein and 10 cents for 13.8% protein. They were unchanged for all other grades.
Chicago Board of Trade July K.C. HRW wheat KWN25 futures settled 18 cents higher at $5.40-3/4 per bushel.
Basis values are quoted against futures in cts/bu:
| Current |
|
| Previous |
|
| Cash |
| basis |
|
| basis |
|
| price |
KANSAS |
|
|
|
|
|
|
|
Wichita | -25 | + | N | -25 | + | N | $5.16 |
Newton | -50 | + | N | -50 | + | N | $4.91 |
Goodland | -82 | + | N | -82 | + | N | $4.59 |
|
|
|
|
|
|
|
|
TEXAS |
|
|
|
|
|
|
|
Gulf track* | +105 | + | N | +100 | + | N | $6.46 |
Galveston** | +100 | + | N | +100 | + | N | $6.41 |
|
|
|
|
|
|
|
|
OKLAHOMA |
|
|
|
|
|
|
|
Enid | -10 | + | 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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