US Plains HRW Wheat-Basis bids mostly flat as futures jump
CHICAGO, July 18 (Reuters) - Spot basis bids for U.S. Plains hard red winter wheat held mostly steady on Friday in muted trading as the harvest was largely complete and selling by farmers was slow, merchants said.
Basis bids were capped by higher futures prices, merchants said. Farmer selling remained slow as cash prices remain below most growers' targeted levels.
Protein premiums for railcar wheat shipped to and through Kansas City were 25 cents a bushel higher for 13.8% protein wheat and unchanged for all other protein grades. KCBT/SCA
K.C. September hard red winter wheat futures KWU25 last traded 13 cents higher at $5.30-1/2 a bushel, rebounding from a contract low set in the previous session.
Basis values are quoted against futures in cts/bu:
| Current |
|
| Previous |
|
| Cash |
| basis |
|
| basis |
|
| price |
KANSAS |
|
|
|
|
|
|
|
Wichita | -40 | + | U | -40 | + | U | $4.91 |
Newton | -65 | + | U | -65 | + | U | $4.66 |
Goodland | -75 | + | U | -75 | + | U | $4.56 |
|
|
|
|
|
|
|
|
TEXAS |
|
|
|
|
|
|
|
Gulf track* | 100 | + | U | 100 | + | U | $6.31 |
Galveston** | 100 | + | U | 100 | + | U | $6.31 |
|
|
|
|
|
|
|
|
OKLAHOMA |
|
|
|
|
|
|
|
Enid | -20 | + | U | -20 | + | U | $5.11 |
Catoosa | -25 | + | U | -25 | + | U | $5.06 |
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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