US Plains HRW Wheat-Wheat bids steady in quiet trade
CHICAGO, Nov 22 (Reuters) -Spot basis bids for hard red winter wheat held steady in the U.S. Plains on Friday as the crop entered dormancy and farmers were reluctant to sell their wheat held in storage.
* Chicago wheat eased on Friday but were poised for a 6% weekly gain, as Russia launched a hypersonic missile at a Ukrainian city, raising concerns over potential disruptions to exports from the breadbasket region.
* The International Grains Council has trimmed its forecast for 2024/25 global wheat production by 2 million metric tons to 796 million tons, driven partly by a diminished outlook for the European Union.
* Protein premiums for HRW wheat shipped by rail to or through Kansas City rose by 5 cents for wheat with 12.8% to 13.4% protein. KCBT/SCA
* K.C. December hard red winter wheat KWZ24 was last down 1-1/2 cents at $5.54 per bushel.
Basis values are quoted against futures in cts/bu:
Current | Previous | Cash | |||||
basis | basis | price | |||||
KANSAS | |||||||
Wichita | -10 | + | Z | -10 | + | Z | $5.44 |
Newton | -39 | + | Z | -39 | + | Z | $5.15 |
Goodland | -60 | + | Z | -60 | + | Z | $4.94 |
TEXAS | |||||||
Gulf track* | 125 | + | Z | 125 | + | Z | $6.79 |
Galveston** | 100 | + | Z | 100 | + | Z | $6.54 |
OKLAHOMA | |||||||
Enid | -15 | + | Z | -15 | + | Z | $5.39 |
Catoosa | 25 | + | Z | 25 | + | 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 Heather Schlitz; Editing by Mohammed Safi Shamsi
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