US Plains HRW Wheat-Light farmer sales as futures hit 3-month high
CHICAGO, Oct 2 (Reuters) -Spot basis bids for hard red winter wheat were steady to firmer in the southern U.S. Plains on Wednesday and farmers were pricing some of their 2024 harvest as K.C. HRW wheat futures KWZ24 hit the highest levels since mid-June, grain merchandisers said.
* Sales of new-crop wheat were lighter, reflecting uncertainty about 2025 production prospects in areas such as Oklahoma, where drought was slowing winter wheat planting.
* The track basis for rail cars of wheat at the U.S. Gulf Coast rose by a nickel a bushel.
* Protein premiums improved for HRW wheat shipped by rail to or through Kansas City, a typical sign of demand from domestic flour millers for certain wheat grades. Premiums firmed by 15 cents to 20 cents a bushel for wheat with 11.0% through 11.6% protein, and by 10 cents for wheat with 11.8% though 12.4% protein and 13.0% through 13.6% protein. KCBT/SCA
* U.S. wheat futures rose on Wednesday as concern grew about drought in Russia while a drone attack on a Ukrainian river port kept attention on war risks. GRA/
* K.C. December hard red winter wheat futures KWZ24 settled up 21 cents on Wednesday at $6.19-1/4 a bushel after rising to $6.22-1/2, the contract's highest since June 20. WHE/C
Basis values are quoted against futures in cts/bu:
Current | Previous | Cash | |||||
basis | basis | price | |||||
KANSAS | |||||||
Wichita | -11 | + | Z | -11 | + | Z | $6.08 |
Newton | -40 | + | Z | -40 | + | Z | $5.79 |
Goodland | -75 | + | Z | -75 | + | Z | $5.44 |
TEXAS | |||||||
Gulf track* | +105 | + | Z | +100 | + | Z | $7.24 |
Galveston** | +100 | + | Z | +100 | + | Z | $7.19 |
OKLAHOMA | |||||||
Enid | -17 | + | Z | -17 | + | Z | $6.02 |
Catoosa | -10 | + | Z | -10 | + | Z | $6.09 |
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 Bill Berkrot
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