US Plains HRW Wheat-Basis flat, protein premiums steady-higher
CHICAGO, Oct 31 (Reuters) -Spot basis bids for hard red winter (HRW) wheat were unchanged in the southern U.S. Plains on Thursday in quiet cash trade while protein premiums were steady to higher, a typical sign of demand from domestic flour mills, merchandisers said.
* Protein premiums for HRW wheat shipped by rail to or through Kansas City rose by 5 cents a bushel for wheat with 11.4% through 12.8% protein. Premiums for other grades were unchanged. KCBT/SCA
* Showers crossed the region in the last day but beneficial moisture was largely confined to the eastern portion of the winter wheat belt, while western Kansas and much of Oklahoma remain dry. More rains were expected into early next week that should help the early growth of recently seeded winter wheat.
* The weekly U.S. Drought Monitor showed that severe drought covered 32% of Kansas as of Oct. 29, up from 26% a week earlier, while extreme drought gripped nearly 42% of Oklahoma, up from 34% last week.
* K.C. December hard red winter wheat KWZ24 settled down 6-1/2 cents on Thursday at $5.69-1/4 a bushel, pressured as rain in the Plains eased concerns about drought stress. GRA/
* The U.S. Department of Agriculture (USDA) reported export sales of U.S. wheat in the week ended Oct. 24 at 411,400 metric tons, in line with trade expectations for 300,000 to 600,000 tons. Weekly sales of HRW wheat totaled 138,200 tons. EXP/WHE
Basis values are quoted against futures in cts/bu:
Current | Previous | Cash | |||||
basis | basis | price | |||||
KANSAS | |||||||
Wichita | -10 | + | Z | -10 | + | Z | $5.59 |
Newton | -39 | + | Z | -39 | + | Z | $5.30 |
Goodland | -75 | + | Z | -75 | + | Z | $4.94 |
TEXAS | |||||||
Gulf track* | 105 | + | Z | 105 | + | Z | $6.74 |
Galveston** | 100 | + | Z | 100 | + | Z | $6.69 |
OKLAHOMA | |||||||
Enid | -17 | + | Z | -17 | + | Z | $5.52 |
Catoosa | +10 | + | Z | +10 | + | Z | $5.79 |
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. CIF Gulf Grain GRA/C
* U.S. FOB Gulf Grain GRA/F
Reporting by Julie Ingwersen; Editing by David Gregorio
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