US Plains HRW Wheat-Basis stays mostly steady, farmers focus on corn
CHICAGO, Sept 2 (Reuters) - Spot basis bids for hard red winter wheat stayed mostly flat in the southern U.S. Plains on Tuesday, as farmers focused on the corn harvest, dealers said.
With the winter wheat harvesting complete in Kansas and Oklahoma, farmers are set to harvest autumn crops such as corn, a dealer said.
The U.S. Department of Agriculture was expected to lower its good-to-excellent condition rating for the nation's corn crop in a weekly report at 3 p.m. CDT (2000 GMT).
K.C. December hard red winter wheat futures KWZ25 were down 8-1/2 cents at $5.11-1/4 a bushel.
In Oklahoma, two merchants rolled their basis bids to K.C. December futures from the September contract KWU25.
Basis values are quoted against futures in cts/bu:
| Current |
|
| Previous |
|
| Cash |
| basis |
|
| basis |
|
| price |
KANSAS |
|
|
|
|
|
|
|
Wichita | -60 | + | Z | -60 | + | Z | $4.59 |
Newton | -85 | + | Z | -85 | + | Z | $4.34 |
Goodland | -75 | + | U | -75 | + | U | $4.24 |
|
|
|
|
|
|
|
|
TEXAS |
|
|
|
|
|
|
|
Gulf track* | +85 | + | Z | +85 | + | Z | $5.99 |
Galveston | +100 | + | U | +100 | + | U | $5.99 |
|
|
|
|
|
|
|
|
OKLAHOMA |
|
|
|
|
|
|
|
Enid | -35 | + | Z | -20 | + | U | $4.79 |
Catoosa | -25 | + | Z | -10 | + | U | $4.89 |
NOTES:
H = March, K = May, N = July, U = September
Z = December; UNQ = Unquoted bids
0 = Sp 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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