US Plains HRW Wheat-Basis flat as KC wheat futures recover
CHICAGO, May 8 (Reuters) - Basis bids for hard red winter wheat were steady in a spot check of locations in the U.S. Southern Plains on Friday after rising at a few locations on Thursday.
K.C. wheat futures recovered after a retreat earlier this week discouraged grain sales by farmers assessing the size of their harvest after months of drought hit the region's crops.
Benchmark K.C. July wheat KWN26 futures climbed 8-1/2 cents on Friday to settle at $6.75-3/4 per bushel.
Protein premiums for railcar HRW wheat to and through Kansas City rose by 1 cent a bushel for wheat with 12.4% protein. It rose by 6 cents for wheat with 12.6% to 12.8% protein. Premiums for all other grades of wheat were unchanged. KCBT/SCA
Basis values are quoted against futures in cts/bu:
| Current |
|
| Previous |
|
| Cash |
| basis |
|
| basis |
|
| price |
KANSAS |
|
|
|
|
|
|
|
Wichita | -33 | + | N | -33 | + | N | $6.43 |
Newton | -58 | + | N | -58 | + | N | $6.18 |
Goodland | -90 | + | N | -90 | + | N | $5.86 |
|
|
|
|
|
|
|
|
TEXAS |
|
|
|
|
|
|
|
Gulf track* | +120 | + | N | +120 | + | N | $7.96 |
Galveston | +100 | + | N | +100 | + | N | $7.76 |
|
|
|
|
|
|
|
|
OKLAHOMA |
|
|
|
|
|
|
|
Enid | -30 | + | N | -30 | + | N | $6.46 |
Catoosa | -15 | + | N | -15 | + | N | $6.61 |
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
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