US Plains HRW Wheat-Basis bids steady to down as futures recover
CHICAGO, Aug 28 (Reuters) - Spot basis bids for hard red winter wheat were flat to lower in the U.S. Plains on Thursday as K.C. HRW wheat futures ticked up.
Some locations rolled their basis to the December contract.
Chicago wheat futures rebounded after losing ground on Wednesday as prices were pressured by large global harvests, favorable weather in growing areas and a strong U.S. dollar, analysts said.
K.C. December hard red winter wheat KWZ25 ended 2-3/4 cents higher at $5.15-3/4 per bushel.
Basis values are quoted against futures in cts/bu:
| Current |
|
| Previous |
|
| Cash |
| basis |
|
| basis |
|
| price |
KANSAS |
|
|
|
|
|
|
|
Wichita | -40 | + | U | -40 | + | U | $4.76 |
Newton | -65 | + | U | -65 | + | U | $4.51 |
Goodland | -75 | + | U | -75 | + | U | $4.41 |
|
|
|
|
|
|
|
|
TEXAS |
|
|
|
|
|
|
|
Gulf track* | +85 | + | Z | +100 | + | U | $6.01 |
Galveston** | +100 | + | U | +100 | + | U | $6.16 |
|
|
|
|
|
|
|
|
OKLAHOMA |
|
|
|
|
|
|
|
Enid | -20 | + | U | -20 | + | U | $4.96 |
Catoosa | -10 | + | U | -10 | + | U | $5.06 |
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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