US Plains HRW Wheat-Basis stays flat as farmers advance plantings
CHICAGO, Sept 16 (Reuters) -Spot basis bids for hard red winter (HRW) wheat held steady on Monday in the U.S. southern Plains as farmers made progress on plantings of the next crop.
* Farmers did a little advance selling of next year's harvest last week as K.C. July hard red winter wheat futures KWN25 topped $6.25 a bushel on Friday, a broker said.
* Farmers had planted 14% of the U.S. winter wheat crop as of Sunday, the U.S. Department of Agriculture said in a weekly report. In Kansas, planting was 9% complete.
* Growers in the northern Plains are wrapping up the spring wheat harvest, which was 92% complete, according to USDA.
* K.C. December HRW wheat futures KWZ24 slid 19-1/2 cents to finish at $5.80-1/2 per bushel.
Basis values are quoted against futures in cts/bu:
Current basis | Previous basis | CASH price | |||||
KANSAS | |||||||
Wichita | -11 | + | Z | -11 | + | Z | $5.89 |
Newton | -40 | + | Z | -40 | + | Z | $5.60 |
Goodland | -75 | + | Z | -75 | + | Z | $5.25 |
TEXAS | |||||||
Gulf track* | +100 | + | Z | +100 | + | Z | $7.00 |
Galveston** | +100 | + | Z | +100 | + | Z | $7.00 |
OKLAHOMA | |||||||
Enid | -17 | + | Z | -17 | + | z | $5.83 |
Catoosa | +0 | + | Z | 0 | + | Z | $6.00 |
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 Tom Polansek; Editing by Cynthia Osterman
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