US Plains HRW Wheat-Basis steady as traders keep close eye on dry weather in Southern Plains
CHICAGO, March 26 (Reuters) - Basis bids for hard red winter (HRW) wheat were unchanged in a spot check of locations in the southern U.S. Plains on Thursday.
The U.S. Department of Agriculture on Thursday reported net weekly U.S. HRW export sales of 165,674 metric tons of HRW wheat for the current marketing year and 20,070 tons in new-crop sales.
Dry weather in the Southern Plains continues to stress the winter wheat crop. Limited rains are forecast for the region in the coming weeks, but are crucial to avoid crop losses, according to Commodity Weather Group.
K.C. May hard red winter wheat KWK26 was up 13-1/4 cents at $6.31 a bushel at 12:42 p.m. CDT (1742 GMT).
Basis values are quoted against futures in cts/bu:
| Current |
|
| Previous |
|
| Cash |
| basis |
|
| basis |
|
| price |
KANSAS |
|
|
|
|
|
|
|
Wichita | -58 | + | K | -58 | + | K | $5.73 |
Newton | -83 | + | K | -83 | + | K | $5.48 |
Goodland | -90 | + | K | -90 | + | K | $5.41 |
|
|
|
|
|
|
|
|
TEXAS |
|
|
|
|
|
|
|
Gulf track* | 105 | + | K | 115 | + | K | $7.36 |
Galveston | 100 | + | K | 100 | + | K | $7.31 |
|
|
|
|
|
|
|
|
OKLAHOMA |
|
|
|
|
|
|
|
Enid | -30 | + | K | -30 | + | K | $6.01 |
Catoosa | 0 | + | K | UNQ | + | K | $6.31 |
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
