US Plains HRW Wheat-Cash basis steady as futures rise
CHICAGO, Sept 16 (Reuters) - Basis bids for hard red winter (HRW) wheat were steady to higher in a spot check of grain elevators in the southern U.S. Plains on Tuesday.
The dollar fell across the board as investors anticipated the U.S. Federal Reserve will kick off a series of interest rate cuts on Wednesday. FRX/
A weaker dollar usually makes U.S. exports more competitive
Showers this week should benefit Plains hard red winter wheat germination, according to forecaster Commodity Weather Group.
K.C. December hard red winter wheat KWZ25 ended up 9-1/2 cents at $5.23-1/2 a bushel.
Basis values are quoted against futures in cts/bu:
| Current |
|
| Previous |
|
| Cash |
| basis |
|
| basis |
|
| price |
KANSAS |
|
|
|
|
|
|
|
Wichita | -60 | + | Z | -60 | + | Z | $4.64 |
Newton | -85 | + | Z | -85 | + | Z | $4.44 |
Goodland | UNQ | + | UNQ | + | UNQ | ||
|
|
|
|
|
|
|
|
TEXAS |
|
|
|
|
|
|
|
Gulf track* | +85 | + | Z | +85 | + | Z | $6.09 |
Galveston** | +100 | + | Z | +100 | + | Z | $6.24 |
|
|
|
|
|
|
|
|
OKLAHOMA |
|
|
|
|
|
|
|
Enid | -20 | + | Z | -30 | + | Z | $5.04 |
Catoosa | -25 | + | Z | -25 | + | Z | $4.99 |
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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