US Plains HRW Wheat-Basis bids flat as low prices discourage selling
CHICAGO, July 23 (Reuters) - Spot basis bids for U.S. Plains hard red winter wheat were flat in the U.S. Plains on Wednesday as trade was quiet and low wheat prices discouraged farmer selling, dealers said.
Ample global supply has kept wheat prices under pressure.
Russia, the world's biggest wheat exporter, has trimmed its forecasts for the 2025 wheat harvest and for wheat exports in the 2025/26 marketing season, Russian Agriculture Minister Oksana Lut told a government meeting on Tuesday.
Crop scouts on the first day of an annual three-day tour of North Dakota's hard red spring wheat crop projected above-average yields in the southern part of the top-producing state following plentiful rains this summer, although the yields fell short of a record set last year.
K.C. September hard red winter wheat futures KWU25 were last down 9-3/4 cents to $5.23-1/2 per bushel.
Basis values are quoted against futures in cts/bu:
| Current |
|
| Previous |
|
| Cash |
| basis |
|
| basis |
|
| price |
KANSAS |
|
|
|
|
|
|
|
Wichita | -40 | + | U | -40 | + | U | $4.93 |
Newton | -65 | + | U | -65 | + | U | $4.68 |
Goodland | -75 | + | U | -75 | + | U | $4.58 |
|
|
|
|
|
|
|
|
TEXAS |
|
|
|
|
|
|
|
Gulf track* | 100 | + | U | 100 | + | U | $6.33 |
Galveston** | 100 | + | U | 100 | + | U | $6.33 |
|
|
|
|
|
|
|
|
OKLAHOMA |
|
|
|
|
|
|
|
Enid | -20 | + | U | -20 | + | U | $5.13 |
Catoosa | -25 | + | U | -25 | + | U | $5.08 |
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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