US Plains HRW Wheat-Basis steady; farmers await weekend rains
CHICAGO, Sept 20 (Reuters) -Spot basis bids for hard red winter wheat were unchanged in the southern U.S. Plains on Friday and farmer sales were minimal ahead of weekend rains that should help re-charge soil moisture at a time when producers are starting to plant the 2025 crop, dealers said.
* Protein premiums for HRW wheat shipped by rail to or through Kansas City rose as domestic millers returned to the market. Premiums rose by 10 cents a bushel for wheat containing 11.8% through 12.4% protein and 13.0% to 13.2% protein, and premium jumped 25 cents for wheat with 12.6% and 12.8% protein. KCBT/SCA
* In Oklahoma, a few growers have begun seeding wheat intended for cattle grazing, but others in Oklahoma and western Kansas were waiting for rain before planting, dealers said this week.
* "Rains will build across the central and southern Plains and much of the Midwest this weekend into early next week," space technology company Maxar said in a daily crop weather note.
* The weekly U.S. Drought Monitor report showed "moderate drought" covering 65% of top wheat state Kansas and 61% of Oklahoma as of Sept. 17. In Oklahoma, 7.5% of the state was in "extreme drought."
* K.C. December HRW wheat futures KWZ24 settled down 1/2 cent on Friday at $5.64 per bushel. For the week, the contract fell 36 cents a bushel or 6%, pressured by strong competition for global export business. WHE/C
Basis values are quoted against futures in cts/bu:
Current | Previous | Cash | |||||
basis | basis | price | |||||
KANSAS | |||||||
Wichita | -11 | + | Z | -11 | + | Z | $5.53 |
Newton | -40 | + | Z | -40 | + | Z | $5.24 |
Goodland | -75 | + | Z | -75 | + | Z | $4.89 |
TEXAS | |||||||
Gulf track* | 100 | + | Z | 100 | + | Z | $6.64 |
Galveston** | 100 | + | Z | 100 | + | Z | $6.64 |
OKLAHOMA | |||||||
Enid | -17 | + | Z | -17 | + | z | $5.47 |
Catoosa | -10 | + | Z | -10 | + | Z | $5.54 |
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 David Gregorio
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
