US Plains HRW Wheat-Basis steady to lower with little farmer selling
CHICAGO, July 2 (Reuters) -Spot basis bids for hard red winter (HRW) wheat were steady to lower on Tuesday as farmer selling stayed slow.
* Wheat futures fell off as the harvest in top-supplier Russia appeared better than expected. GRA/
* Merchants in Oklahoma said there was still little farmer selling.
* Buyers across Oklahoma, Kansas and Texas have rolled basis bids to K.C. September wheat futures KWU24 as the K.C. July wheat contract KWN24 nears its expiration.
* Protein premiums for HRW wheat shipped by rail to or through Kansas City rose 5 cents a bushel for "ordinary" and 11% protein wheat, 14 cents for 11.2% and 11.4% and 7 cents for 11.6% to 12.2%.
* Most-active K.C. September futures KWU24 settled down 7-1/4 cents at $5.92-1/4.
Basis values are quoted against futures in cts/bu:
Current | Previous | Cash | |||||
basis | basis | price | |||||
KANSAS | |||||||
Wichita | -3 | + | U | -3 | + | U | $5.89 |
Newton | -32 | + | U | -32 | + | U | $5.60 |
Goodland | -55 | + | U | -55 | + | U | $5.37 |
TEXAS | |||||||
Gulf track* | +120 | + | U | +120 | + | U | $7.12 |
Galveston** | +100 | + | U | +110 | + | N | $6.92 |
OKLAHOMA | |||||||
Enid | -15 | + | U | -15 | + | N | $5.77 |
Catoosa | +10 | + | U | +10 | + | U | $6.02 |
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 Renee Hickman; Editing by Krishna Chandra Eluri
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