US Plains HRW Wheat-Protein premiums firm, Oklahoma dryness expands

CHICAGO, Oct 16 (Reuters) - Basis bids for hard red winter (HRW) wheat were unchanged at elevators in the southern U.S. Plains on Thursday while premiums improved for a few grades of high-protein wheat as domestic flour millers sought supplies, grain dealers said.

• Premiums for HRW wheat shipped by rail to or through Kansas City rose by 3 cents a bushel for wheat with 13.0% through 14.0% protein. Premiums for lower-protein grades were unchanged after firming earlier this week. KCBT/SCA

• Farmer sales of wheat have been minimal while futures prices hover near life-of-contract lows and producers focus on harvesting fall crops and planting new-crop winter wheat.

• Storms were crossing northwestern Kansas and central Nebraska on Thursday afternoon, recharging soil moisture. Forecasts called for mostly dry conditions next week.

• Dry conditions intensified in central Oklahoma over the last week, the latest weekly U.S. Drought Monitor showed. Moderate drought covered 29% of the state, up from 12% the previous week, the report said.

• K.C. December hard red winter wheat KWZ25 futures settled up 1/2 cent on Thursday at $4.88-3/4 per bushel. GRA/

• In export news, Algeria’s state grains agency OAIC is believed to have purchased about 400,000 metric tons of durum wheat in an international tender, European traders said. About 90,000 tons of the purchase was believed to involve U.S.-origin durum with much of the rest believed to involve Canadian durum.

Basis values are quoted against futures in cts/bu:

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