US Plains HRW Wheat-Basis steady as futures dip
CHICAGO, July 11 (Reuters) - Spot basis bids for hard red winter wheat were steady in a spot check of locations on the U.S. Plains on Friday as futures fell.
The U.S. Department of Agriculture, in a monthly crop report, estimated the nation's total wheat production at 1.929 billion bushels, up from a previous estimate for 1.921 billion. Analysts were expecting 1.915 billion, according to a Reuters poll.
Protein premiums for railcar wheat shipped to and through Kansas City were up 9 cents for wheat with 11.2% protein content, up 10 cents for wheat with 11.4% to 12.2% protein content, and up 5 cents for wheat with 12.4% to 12.6% protein content.
K.C. September hard red winter wheat KWU25 ended down 10-1/2 cents at $5.24-1/4 a bushel.
Basis values are quoted against futures in cts/bu:
| Current |
|
| Previous |
|
| Cash |
| basis |
|
| basis |
|
| price |
KANSAS |
|
|
|
|
|
|
|
Wichita | -40 | + | U | -40 | + | U | $4.84 |
Newton | -65 | + | U | -65 | + | U | $4.59 |
Goodland | -75 | + | U | -75 | + | U | $4.49 |
|
|
|
|
|
|
|
|
TEXAS |
|
|
|
|
|
|
|
Gulf track* | 100 | + | U | 100 | + | U | $6.24 |
Galveston** | 100 | + | U | 100 | + | U | $6.24 |
|
|
|
|
|
|
|
|
OKLAHOMA |
|
|
|
|
|
|
|
Enid | -20 | + | U | -20 | + | U | $5.04 |
Catoosa | UNQ | + | UNQ | + | UNQ |
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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