US Plains HRW Wheat-Basis holds mostly steady as futures ease
CHICAGO, July 14 (Reuters) - Spot basis bids for hard red winter wheat held mostly steady in the southern U.S. Plains on Monday, underpinned by a weakening futures market but capped by ample supplies, grain merchants said.
The U.S. winter wheat harvest is expected to be 64% finished as of Sunday, analysts said ahead of a weekly U.S. Department of Agriculture crop progress report due later on Monday. The harvest is nearing completion in major producing states Kansas, Texas and Oklahoma, where growers surpassed the 80% complete mark more than a week ago.
The USDA said 439,533 metric tons of U.S. wheat was inspected for export last week, near the high end of a range of trade estimates but down from 522,234 tons the previous week. USDA/I
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, according to the latest data from CME Group. KCBT/SCA
K.C. September hard red winter wheat KWU25 ended down 3/4 cent on Monday at $5.23-1/2 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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