US Plains HRW Wheat-Spot basis bids flat on light demand, lower futures
CHICAGO, April 8 (Reuters) - Basis bids for hard red winter (HRW) wheat held mostly steady in the southern U.S. Plains on Wednesday, underpinned by lower futures prices but capped by weak demand, grain merchants said.
Farmer sales were slow at midweek as wheat futures plunged along with sharply lower crude oil prices after U.S. President Donald Trump agreed to a two-week ceasefire with Iran. Many growers seized the opportunity to sell grain last month when futures hit multi-year highs.
Rain is expected in central and eastern areas of the Plains HRW wheat belt through the weekend, forecasters said. Far-western sections of the region, however, are likely to remain stressed by drought, they said.
K.C. May hard red winter wheat KWK26 futures were down 14 cents at close on Wednesday at $5.93-1/2 per bushel, the lowest point since March 5.
Basis values are quoted against futures in cts/bu:
| Current |
|
| Previous |
|
| Cash |
| basis |
|
| basis |
|
| price |
KANSAS |
|
|
|
|
|
|
|
Wichita | -58 | + | K | -58 | + | K | $5.36 |
Newton | -83 | + | K | -83 | + | K | $5.11 |
Goodland | -90 | + | K | -90 | + | K | $5.04 |
|
|
|
|
|
|
|
|
TEXAS |
|
|
|
|
|
|
|
Gulf track* | +105 | + | K | +105 | + | K | $6.99 |
Galveston | +100 | + | K | +100 | + | K | $6.94 |
|
|
|
|
|
|
|
|
OKLAHOMA |
|
|
|
|
|
|
|
Enid | -30 | + | K | -30 | + | K | $5.64 |
Catoosa | +5 | + | K | +5 | + | K | $5.99 |
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
