US Plains HRW Wheat-Basis flat as futures firm
CHICAGO, March 24 (Reuters) - Basis bids for hard red winter (HRW) wheat were mostly unchanged in a spot check of locations in the southern U.S. Plains on Tuesday.
Wheat futures drew support from concerns about drought in the U.S. Plains and robust prices in Russia, the world's biggest wheat exporter, analysts said. GRA/
Merchants said the trade was relatively quiet.
Protein premiums for railcar wheat shipped to and through Kansas City on Tuesday were unchanged for all protein grades of wheat, according to grain merchants.
Dryness in the parched Southern Plains is expected to continue for the next 10 days, according to forecaster Commodity Weather Group, after which there is a greater chance of showers.
K.C. May hard red winter wheat KWK26 settled 3/4 cent higher at $6.04 per bushel.
Basis values are quoted against futures in cts/bu:
| Current |
|
| Previous |
|
| Cash |
| basis |
|
| basis |
|
| price |
KANSAS |
|
|
|
|
|
|
|
Wichita | -58 | + | K | -58 | + | K | $5.46 |
Newton | -83 | + | K | -83 | + | K | $5.21 |
Goodland | -90 | + | K | -90 | + | K | $5.14 |
|
|
|
|
|
|
|
|
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 | UNQ | + | 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
