US Plains HRW Wheat-Basis bids steady in quiet trade
CHICAGO, July 24 (Reuters) - Spot basis bids for U.S. Plains hard red winter wheat were flat in U.S. Plains states on Thursday as low wheat prices discouraged farmer selling, dealers said.
U.S. wheat is now cheaper than wheat from Europe or top exporter Russia, where a large harvest is beginning to flow into the market.
CBOT wheat futures continued to head lower, as the U.S. dollar .DXY strengthened, and on expectations of plentiful global supplies
Yields for U.S. spring wheat crops in northern North Dakota are likely to fall from last year's record per-acre output but remain above the five-year average, the Wheat Quality Council said on an annual tour on Wednesday.
K.C. September hard red winter wheat futures KWU25 were last up 1/4 cent to $5.46-1/4 per bushel.
Basis values are quoted against futures in cts/bu:
Current | Previous | Cash | |||||
basis | basis | price | |||||
KANSAS | |||||||
Wichita | -40 | + | U | -40 | + | U | $4.85 |
Newton | -65 | + | U | -65 | + | U | $4.60 |
Goodland | -75 | + | U | -75 | + | U | $4.50 |
TEXAS | |||||||
Gulf track* | 100 | + | U | 100 | + | U | $6.25 |
Galveston** | 100 | + | U | 100 | + | U | $6.25 |
OKLAHOMA | |||||||
Enid | -20 | + | U | -20 | + | U | $5.05 |
Catoosa | -25 | + | U | -25 | + | U | $5.00 |
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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