US Plains HRW Wheat-Basis flat as future tick down
CHICAGO, March 23 (Reuters) - Basis bids for hard red winter (HRW) wheat were unchanged in a spot check of locations in the southern U.S. Plains on Monday.
Temperatures were extremely warm over the weekend across most of the hard red winter wheat belt in the Plains, according to forecaster Vaisala. The temperatures broke March monthly records in many cases, with maximum temperatures more than 40°F. But showers are expected to build in the coming weeks, according to forecaster Commodity Weather Group.
K.C. May hard red winter wheat KWK26 settled 3 cents lower at $6.03-1/4 per bushel.
Basis values are quoted against futures in cts/bu:
| Current |
|
| Previous |
|
| Cash |
| basis |
|
| basis |
|
| price |
KANSAS |
|
|
|
|
|
|
|
Wichita | -58 | + | K | -58 | + | K | $5.45 |
Newton | -83 | + | K | -83 | + | K | $5.20 |
Goodland | -90 | + | K | -90 | + | K | $5.13 |
|
|
|
|
|
|
|
|
TEXAS |
|
|
|
|
|
|
|
Gulf track* | 105 | + | K | 115 | + | K | $7.08 |
Galveston | 100 | + | K | 100 | + | K | $7.03 |
|
|
|
|
|
|
|
|
OKLAHOMA |
|
|
|
|
|
|
|
Enid | -30 | + | K | -30 | + | K | $5.73 |
Catoosa | 15 | + | K | 15 | + | K | $6.18 |
NOTES:
H = March, K = May, N = July, U = September
Z = December; UNQ = Unquoted bids
0 = Spot 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
