US Plains HRW Wheat-Wheat basis, protein premiums steady
CHICAGO, Nov 19 (Reuters) -Spot basis bids for hard red winter wheat were steady in the U.S. Plains on Tuesday in quiet trading.
* Dealers noted farmers are unwilling to sell their crop in storage while wheat futures remain low.
* U.S. winter wheat crop conditions improved even more than trade expectations over the past week following much-needed rain, the U.S. Department of Agriculture reported on Monday after trading ended.
* Wheat futures rose for a third session in a row on Tuesday, supported by concerns of an escalating war in the Black Sea breadbasket region, following the White House's move to lift curbs on Ukraine using U.S. missiles to strike Russian territory.
* Protein premiums for HRW wheat shipped by rail to or through Kansas City were unchanged for all grades of wheat. KCBT/SCA
* K.C. December hard red winter wheat KWZ24 was last up 3-1/2 cents at $5.58-3/4 a bushel.
Basis values are quoted against futures in cts/bu:
Current | Previous | Cash | |||||
basis | basis | price | |||||
KANSAS | |||||||
Wichita | -10 | + | Z | -10 | + | Z | $5.52 |
Newton | -39 | + | Z | -39 | + | Z | $5.23 |
Goodland | -60 | + | Z | -60 | + | Z | $5.02 |
TEXAS | |||||||
Gulf track* | 125 | + | Z | 125 | + | Z | $6.87 |
Galveston** | 100 | + | Z | 100 | + | Z | $6.62 |
OKLAHOMA | |||||||
Enid | -15 | + | Z | -15 | + | Z | $5.47 |
Catoosa | 25 | + | Z | 25 | + | Z | $5.87 |
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 Heather Schlitz; Editing by Richard Chang
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