US Plains HRW Wheat-Basis bids unchanged in muted trade
CHICAGO, March 9 (Reuters) - Basis bids for hard red winter wheat were flat in the U.S. Plains on Monday in quiet trade and ahead of a monthly U.S. Department of Agriculture report that will be released on Tuesday, dealers said.
Beneficial rain in the U.S. wheat belts could help bolster the crop and alleviate drought concerns.
Grain traders are awaiting a monthly U.S. Department of Agriculture crop supply and demand report due on Tuesday. Analysts polled by Reuters expect minimal adjustments to the USDA's U.S. and global stocks forecasts.
K.C. May hard red winter wheat futures KWK26 settled 5 cents lower to $6.18-1/2 per bushel.
Basis values are quoted against futures in cts/bu:
Current | Previous | Cash | |||||
basis | basis | price | |||||
KANSAS | |||||||
Wichita | -58 | + | K | -58 | + | K | $5.60 |
Newton | -83 | + | K | -83 | + | K | $5.35 |
Goodland | -90 | + | K | -90 | + | K | $5.28 |
TEXAS | |||||||
Gulf track* | 115 | + | K | 115 | + | K | $7.33 |
Galveston | 100 | + | K | 100 | + | K | $7.18 |
OKLAHOMA | |||||||
Enid | -30 | + | K | -30 | + | K | $5.88 |
Catoosa | 10 | + | K | 10 | + | K | $6.28 |
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
