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
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