Basis steady as futures tick down
Spot basis bids for hard red winter wheat were steady in a spot check of locations in the southern U.S. Plains on Monday as futures weakened.
K.C. wheat futures fell as winter wheat harvests advanced around the world.
The U.S. Department of Agriculture said in a weekly crop progress report that U.S. winter wheat was 86% harvested vs. 80% a week ago.
K.C. September HRW wheat futures (KWU25) ended down 1-3/4 cents at $5.17 a bushel.
Protein premiums for railcar wheat shipped to and through Kansas City were unchanged for all grades of wheat.
Basis values are quoted against futures in cts/bu:
Current | Previous | Cash | |||||
basis | basis | price | |||||
KANSAS | |||||||
Wichita | -40 | + | U | -40 | + | U | $4.77 |
Newton | -65 | + | U | -65 | + | U | $4.52 |
Goodland | -75 | + | U | -75 | + | U | $4.42 |
TEXAS | |||||||
Gulf track* | 100 | + | U | 100 | + | U | $6.17 |
Galveston** | 100 | + | U | 100 | + | U | $6.17 |
OKLAHOMA | |||||||
Enid | -20 | + | U | -20 | + | U | $4.97 |
Catoosa | -25 | + | U | -25 | + | U | $4.92 |
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
* U.S. weekly wheat crop progress
* U.S. forward basis (WHEAT/BASIS)
* U.S. Midwest cash grain PM
* U.S. CIF Gulf Grain
* U.S. FOB Gulf Grain
