US Plains HRW Wheat-Basis steady, dry weather fuels crop concerns
CHICAGO, March 30 (Reuters) - Basis bids for hard red winter (HRW) wheat were flat in the southern U.S. Plains on Monday, dealers said, as warm, dry weather caused stress for crops.
Below-normal rainfall will extend concerns about dryness for wheat in the western Plains, forecaster Vaisala said.
Premiums for HRW wheat shipped by rail to or through Kansas City fell by 5 to 15 cents a bushel for wheat with 11% through 13% protein, while premiums for other grades were unchanged.
Traders waited for the U.S. Department of Agriculture to issue prospective plantings and quarterly grain stocks reports on Tuesday.
K.C. May hard red winter wheat KWK26 settled 6-1/2 cents lower at $6.26-1/4 a bushel.
Basis values are quoted against futures in cts/bu:
| Current |
|
| Previous |
|
| Cash |
| basis |
|
| basis |
|
| price |
KANSAS |
|
|
|
|
|
|
|
Wichita | -58 | + | K | -58 | + | K | $5.68 |
Newton | -83 | + | K | -83 | + | K | $5.43 |
Goodland | -90 | + | K | -90 | + | K | $5.36 |
|
|
|
|
|
|
|
|
TEXAS |
|
|
|
|
|
|
|
Gulf track* | +105 | + | K | +105 | + | K | $7.31 |
Galveston | +100 | + | K | +100 | + | K | $7.26 |
|
|
|
|
|
|
|
|
OKLAHOMA |
|
|
|
|
|
|
|
Enid | -30 | + | K | -30 | + | K | $5.96 |
Catoosa | 0 | + | K | UNQ | + | K | $6.26 |
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
