US Plains HRW Wheat-Basis bids flat as farmers eye drought, prices
CHICAGO, March 13 (Reuters) - Basis bids for hard red winter wheat were steady in the U.S. Plains on Friday after an uptick in selling sparked by surging Kansas City wheat futures subsided.
Farmers are 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.
Dryness will expand to roughly 2/3 of the wheat in the southwestern U.S. Plains in the next two weeks, an analyst note said.
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 15-1/4 cents higher to $6.28-3/4 per bushel.
Basis values are quoted against futures in cts/bu:
Current | Previous | Cash | ||||
basis | basis | price | ||||
-58 | + | K | -58 | + | K | $5.70 |
-83 | + | K | -83 | + | K | $5.45 |
-90 | + | K | -90 | + | K | $5.38 |
115 | + | K | 115 | + | K | $7.43 |
100 | + | K | 100 | + | K | $7.28 |
-30 | + | K | -30 | + | K | $5.98 |
15 | + | K | 10 | + | K | $6.43 |
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
