US Plains HRW Wheat-Basis flat, selling thin as harvest rolls northward
CHICAGO, July 25 (Reuters) - Spot basis bids for hard red winter wheat held steady in the southern U.S. Plains on Friday, and farmer offerings were light as the harvest rolled on in more northern areas including Nebraska, the Dakotas and Montana.
Harvesting is wrapped up in most of Kansas and Oklahoma. Periodic rains stretched out the Oklahoma harvest, but farmers were generally done and cash grain sales were quiet after growers sold much of their crop instead of storing it, one merchandiser said.
U.S. Wheat Associates, a trade group, reported the average protein level of the HRW wheat crop harvested and analyzed so far at 12.0%, up from 11.9% last week but below the five-year average of 12.9%.
Protein premiums for railcar wheat shipped to and through Kansas City fell by 2 to 7 cents a bushel for wheat with 11.8% through 12.4% protein and fell by 5 cents for wheat with 13.0% protein. Premiums for other grades were unchanged. KCBT/SCA
K.C. September HRW wheat futures KWU25 settled down 2 cents on Friday at $5.26-1/2 per bushel.
For the week, the contract fell 2-1/2 cents, staying inside of a 17-cent range.
Basis values are quoted against futures in cts/bu:
Current | Previous | Cash | |||||
basis | basis | price | |||||
KANSAS | |||||||
Wichita | -40 | + | U | -40 | + | U | $4.87 |
Newton | -65 | + | U | -65 | + | U | $4.62 |
Goodland | -75 | + | U | -75 | + | U | $4.52 |
TEXAS | |||||||
Gulf track* | 100 | + | U | 100 | + | U | $6.27 |
Galveston** | 100 | + | U | 100 | + | U | $6.27 |
OKLAHOMA | |||||||
Enid | -20 | + | U | -20 | + | U | $5.07 |
Catoosa | -25 | + | U | -25 | + | U | $5.02 |
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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