US Plains HRW Wheat-Basis bids steady, dealers assess rain chances
CHICAGO, April 1 (Reuters) - Basis bids for hard red winter (HRW) wheat were unchanged in the southern U.S. Plains on Wednesday as grain dealers assessed prospects for rains that could ease dry conditions.
Beneficial rains were expected in southeastern Plains, though dryness will continue to cause stress for crops in western areas, forecasters said.
"There will be a sharp gradient between heavy showers across the southeastern Plains and little or no rain on the central and southern High Plains," the U.S. Department of Agriculture said in a daily weather report.
Wheat futures pulled back with crude oil on Wednesday after worries about dryness on Tuesday pushed prices to the highest level in about a year.GRA/
K.C. May hard red winter wheat KWK26 fell 21-3/4 cents to close at $6.13-3/4 per bushel.
Basis values are quoted against futures in cts/bu:
| Current |
|
| Previous |
|
| Cash |
| basis |
|
| basis |
|
| price |
KANSAS |
|
|
|
|
|
|
|
Wichita | -58 | + | K | -58 | + | K | $5.56 |
Newton | -83 | + | K | -83 | + | K | $5.31 |
Goodland | -90 | + | K | -90 | + | K | $5.24 |
|
|
|
|
|
|
|
|
TEXAS |
|
|
|
|
|
|
|
Gulf track* | +105 | + | K | +105 | + | K | $7.19 |
Galveston | +100 | + | K | +100 | + | K | $7.14 |
|
|
|
|
|
|
|
|
OKLAHOMA |
|
|
|
|
|
|
|
Enid | -35 | + | K | -35 | + | K | $5.79 |
Catoosa | +0 | + | K | +0 | + | K | $6.14 |
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
