US Plains HRW Wheat-Basis bids steady as futures tumble
CHICAGO, Aug 27 (Reuters) - Spot basis bids for hard red winter wheat were unchanged in the U.S. Plains on Wednesday as K.C. HRW wheat futures fell.
Trade was subdued, dealers said.
Chicago wheat futures lost ground on Wednesday, with prices weighed down by large global harvests, favorable weather in growing areas and a strong U.S. dollar, analysts said.
Forecasts for rainfall in winter wheat-growing areas in the coming days have weighed heavily on futures.
K.C. December hard red winter wheat KWZ25 fell 4-3/4 cents to $5.13 a bushel.
Basis values are quoted against futures in cts/bu:
| Current |
|
| Previous |
|
| Cash |
| basis |
|
| basis |
|
| price |
KANSAS |
|
|
|
|
|
|
|
Wichita | -40 | + | U | -40 | + | U | $4.78 |
Newton | -65 | + | U | -65 | + | U | $4.53 |
Goodland | -75 | + | U | -75 | + | U | $4.43 |
|
|
|
|
|
|
|
|
TEXAS |
|
|
|
|
|
|
|
Gulf track* | +100 | + | U | +100 | + | U | $6.18 |
Galveston** | +100 | + | U | +100 | + | U | $6.18 |
|
|
|
|
|
|
|
|
OKLAHOMA |
|
|
|
|
|
|
|
Enid | -20 | + | U | -20 | + | U | $4.98 |
Catoosa | -10 | + | U | -10 | + | 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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