US Plains HRW Wheat-Basis stays unchanged, KC futures set lows
CHICAGO, Aug 16 (Reuters) -Spot basis bids for hard red winter wheat held steady in the U.S. southern Plains on Friday as all eyes are on U.S. corn and soybean crops that farmers will harvest next, dealers said.
* Traders will watch the annual Pro Farmer crop tour next week for updates on corn and soy yield prospects across the Midwest.
* They will also monitor harvesting of high-protein spring wheat in the northern Plains.
* The U.S. Department of Agriculture is slated to issue an update on spring wheat harvesting on Monday after reporting the crop was 18% harvested as of Aug. 11.
* Protein premiums for HRW wheat shipped by rail to or through Kansas City fell by 8 cents per bushel for wheat with 11% to 11.8% protein. Premiums rose by 5 cents to 10 cents per bushel for wheat with 12.6% to 13.4% protein.
* K.C. September hard red winter wheat futures KWU24 closed 2-3/4 cents higher at $5.39-3/4 per bushel after falling to a contract low of $5.31-1/4 per bushel. Other contracts also reached new lows before recovering.
Basis values are quoted against futures in cts/bu:
Current | Previous | Cash | |||||
basis | basis | price | |||||
KANSAS | |||||||
Wichita | -3 | + | U | -3 | + | U | $5.37 |
Newton | -32 | + | U | -32 | + | U | $5.08 |
Goodland | -60 | + | U | -60 | + | U | $4.80 |
TEXAS | |||||||
Gulf track* | +115 | + | U | +115 | + | U | $6.55 |
Galveston** | +100 | + | U | +100 | + | U | $6.40 |
OKLAHOMA | |||||||
Enid | -15 | + | U | -15 | + | U | $5.25 |
Catoosa | +0 | + | U | +0 | + | U | $5.40 |
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 Jonathan Oatis
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