US Plains HRW Wheat-Bids steady; dry conditions remain a concern
CHICAGO, Oct 1 (Reuters) -Spot basis bids for hard red winter (HRW) held steady in the southern U.S. Plains on Tuesday and farmer selling was quiet as producers focused on harvesting corn and soybeans while dry conditions slowed winter wheat planting in some areas, grain merchandisers said.
* Protein premiums for HRW wheat shipped by rail to or through Kansas City were unchanged. KCBT/SCA
* In Oklahoma, with no rain in the forecast, some producers were seeding winter wheat intended for cattle grazing into dry fields and hoping for an eventual shower to help crops emerge. Farmers producing wheat intended for milling were trying to wait for better soil moisture, a merchandiser said.
* The USDA's weekly crop progress report showed that winter wheat planting was 32% complete in top producer Kansas, matching the state's five-year average, while Oklahoma's wheat was only 22% seeded, lagging its five year average, also 32%. US/WHE
* U.S. wheat futures rose on Tuesday on signs of tightening grain supplies from the Black Sea and as mounting geopolitical tensions raised crude oil CLc1 prices. GRA/
* K.C. December hard red winter wheat futures KWZ24 settled up 14-1/2 cents on Tuesday at $5.98-1/4 a bushel after rising to $6.03, a two-week high. WHE/C
Basis values are quoted against futures in cts/bu:
Current | Previous | Cash | |||||
basis | basis | price | |||||
KANSAS | |||||||
Wichita | -11 | + | Z | -11 | + | Z | $5.87 |
Newton | -40 | + | Z | -40 | + | Z | $5.58 |
Goodland | -75 | + | Z | -75 | + | Z | $5.23 |
TEXAS | |||||||
Gulf track* | +100 | + | Z | +100 | + | Z | $6.98 |
Galveston** | +100 | + | Z | +100 | + | Z | $6.98 |
OKLAHOMA | |||||||
Enid | -17 | + | Z | -17 | + | Z | $5.81 |
Catoosa | -10 | + | Z | -10 | + | Z | $5.88 |
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 Deepa Babington
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