US Plains HRW Wheat-Kansas basis eases; beneficial rains expected
CHICAGO, Oct 29 (Reuters) -Spot basis bids for hard red winter (HRW) wheat were flat to weaker in the southern U.S. Plains on Tuesday in quiet cash trade as K.C. wheat futures rebounded from near two-month lows set a day earlier, merchandisers said.
* The spot basis for wheat fell by 4 cents a bushel at grain elevators in Wichita and Newton, Kansas.
* Farmers in the region are focused on wrapping up the harvest of sorghum, soybeans and corn.
* Producers and market participants await showers forecast for the region later this week that are expected to bring much-needed moisture following months of dry weather.
* Drought and dry conditions have slowed the planting and emergence of the winter wheat crop that will be harvested in 2025. The U.S. Department of Agriculture's first condition ratings for the 2025 winter wheat crop showed 38% of the crop in good to excellent condition, the second-lowest for this time of year in USDA records dating to 1986.
* K.C. December hard red winter wheat KWZ24 settled up 12-3/4 cents on Tuesday at $5.74-1/4 a bushel, supported by the USDA's lower-than-expected winter wheat ratings. GRA/
* Protein premiums for HRW wheat shipped by rail to or through Kansas City rose by 10 cents a bushel for wheat with 11.2% protein and by 12 cents for wheat with 11.4% protein. Premiums for all other grades were unchanged. KCBT/SCA
Basis values are quoted against futures in cts/bu:
Current | Previous | Cash | |||||
basis | basis | price | |||||
KANSAS | |||||||
Wichita | -10 | + | Z | -6 | + | Z | $5.64 |
Newton | -39 | + | Z | -35 | + | Z | $5.35 |
Goodland | -75 | + | Z | -75 | + | Z | $4.99 |
TEXAS | |||||||
Gulf track* | 105 | + | Z | 105 | + | Z | $6.79 |
Galveston** | 100 | + | Z | 100 | + | Z | $6.74 |
OKLAHOMA | |||||||
Enid | -17 | + | Z | -17 | + | Z | $5.57 |
Catoosa | +10 | + | Z | +10 | + | Z | $5.84 |
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 Sonali Paul
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