US Plains HRW Wheat-Basis flat; planting continues in dry conditions
CHICAGO, Sept 30 (Reuters) -Spot basis bids for hard red winter (HRW) were flat in the southern U.S. Plains on Monday while growers continued to plant the 2025 crop amid dry conditions, dealers said.
* Protein premiums for HRW wheat shipped by rail to or through Kansas City were unchanged. KCBT/SCA
* The U.S. Department of Agriculture lowered its estimate of U.S. 2024 wheat production to 1.971 billion bushels in Monday's annual small grains report, from its previous estimate of 1.982 billion bushels. The government trimmed its estimate of the HRW wheat crop 770 million bushels, from 776 million previously.
* Separately, the USDA reported quarterly U.S. wheat stocks as of Sept. 1 at 1.986 billion bushels, a four-year high.
* The USDA's weekly crop progress report showed the 2025 U.S. winter wheat crop was 39% planted, up from 25% a week earlier and ahead of the five-year average of 38%. Planting was 32% complete in Kansas and 22% complete in Oklahoma. US/WHE
* Worries about dry conditions in the U.S. Plains wheat belt as well as portions of Russia and Ukraine lent support to U.S. wheat futures. K.C. December hard red winter wheat futures KWZ24 settled up 7 cents on Monday at $5.83-3/4 a bushel. WHE/C
Basis values are quoted against futures in cts/bu:
Current | Previous | Cash | |||||
basis | basis | price | |||||
KANSAS | |||||||
Wichita | -11 | + | Z | -11 | + | Z | $5.73 |
Newton | -40 | + | Z | -40 | + | Z | $5.44 |
Goodland | -75 | + | Z | -75 | + | Z | $5.09 |
TEXAS | |||||||
Gulf track* | +100 | + | Z | +100 | + | Z | $6.84 |
Galveston** | +100 | + | Z | +100 | + | Z | $6.84 |
OKLAHOMA | |||||||
Enid | -17 | + | Z | -17 | + | Z | $5.67 |
Catoosa | -10 | + | Z | -10 | + | Z | $5.74 |
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 Jamie Freed
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