US Plains HRW Wheat-Basis bids mostly flat on slow demand, lower futures
CHICAGO, Aug 19 (Reuters) - Spot basis bids for hard red winter wheat were mostly unchanged around the southern U.S. Plains on Tuesday, underpinned by slow farmer selling and sinking futures prices but capped by light demand, grain merchants said.
Farmer sales have remained slow since the harvest recently wrapped up as growers are waiting for higher prices before selling more of their crop.
K.C. September hard red winter wheat futures KWU25 fell to a contract low of $4.98-3/4 a bushel on Tuesday, last trading down 7 cents at $4.99-1/4 a bushel.
Basis values are quoted against futures in cts/bu:
| Current |
|
| Previous |
|
| Cash |
| basis |
|
| basis |
|
| price |
KANSAS |
|
|
|
|
|
|
|
Wichita | -40 | + | U | -40 | + | U | $4.59 |
Newton | -65 | + | U | -65 | + | U | $4.34 |
Goodland | -75 | + | U | -75 | + | U | $4.24 |
|
|
|
|
|
|
|
|
TEXAS |
|
|
|
|
|
|
|
Gulf track* | +100 | + | U | +100 | + | U | $5.99 |
Galveston** | +100 | + | U | +100 | + | U | $5.99 |
|
|
|
|
|
|
|
|
OKLAHOMA |
|
|
|
|
|
|
|
Enid | -20 | + | U | -20 | + | U | $4.79 |
Catoosa | -10 | + | U | -10 | + | U | $4.89 |
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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