US Plains HRW Wheat-Basis bids mostly flat in muted trade, farmer sales slow
CHICAGO, Aug 21 (Reuters) - Spot basis bids for hard red winter wheat were mostly unchanged around the southern U.S. Plains on Thursday, underpinned by slow farmer sales as prices hovered near recent lows, grain merchants said.
Most farmers have stored away what crops they did not sell during the recently concluded harvest as they await higher prices.
Most HRW wheat futures contracts 0#KW: hit lifetime lows this week as ample global supplies and sluggish demand weighed on the market.
The U.S. Department of Agriculture reported net U.S. wheat export sales at 519,752 metric tons in the week ended August 14, in line with trade estimates for 500,000 to 800,000 tons. The sales included 422,092 tons of HRW wheat, with Mexico and South Korea among the top buyers.
K.C. September hard red winter wheat futures KWU25 were up 2-1/2 cents near the close on Thursday, at $5.03-1/4 a bushel after hitting a contract low of $4.96 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 | $4.63 |
Newton | -65 | + | U | -65 | + | U | $4.38 |
Goodland | -75 | + | U | -75 | + | U | $4.28 |
|
|
|
|
|
|
|
|
TEXAS |
|
|
|
|
|
|
|
Gulf track* | +100 | + | U | +100 | + | U | $6.03 |
Galveston** | +100 | + | U | +100 | + | U | $6.03 |
|
|
|
|
|
|
|
|
OKLAHOMA |
|
|
|
|
|
|
|
Enid | -20 | + | U | -20 | + | U | $4.83 |
Catoosa | -10 | + | U | -10 | + | U | $4.93 |
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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