US Plains HRW Wheat-Basis bids steady-higher as farmer selling slows
CHICAGO, March 12 (Reuters) - Basis bids for hard red winter wheat were steady to stronger in the U.S. Plains on Thursday as farmer selling petered out, dealers said.
Farmers are waiting for Kansas City July hard red winter wheat futures KWN26 to rise above $6.50 a bushel, as it had earlier in the week, before forward contracting more crop, a dealer said.
Farmers are also cautious about forward contracting new-crop wheat as the winter wheat in the U.S. Plains that has emerged from dormancy still remains too dry.
According to the U.S. Department of Agriculture drought monitor, 55% of the winter wheat in the U.S. is affected by drought, slightly lower than 56% last week.
K.C. May hard red winter wheat futures KWK26 was last 14-1/2 cents higher at $6.28 per bushel.
Basis values are quoted against futures in cts/bu:
Current | Previous | Cash | ||||
basis | basis | price | ||||
-58 | + | K | -58 | + | K | $5.69 |
-83 | + | K | -83 | + | K | $5.44 |
-90 | + | K | -90 | + | K | $5.37 |
115 | + | K | 115 | + | K | $7.42 |
100 | + | K | 100 | + | K | $7.27 |
-30 | + | K | -30 | + | K | $5.97 |
15 | + | K | 10 | + | K | $6.42 |
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
