US Plains HRW Wheat-Basis steady-firmer; dry weather persists
CHICAGO, Oct 22 (Reuters) -Spot basis bids for hard red winter wheat were steady to stronger in the southern U.S. Plains on Tuesday, spot checks showed, supported by a lack of farmer selling as growers focused on the harvest of fall crops, merchandisers said.
* Protein premiums for HRW wheat shipped by rail to or through Kansas City were unchanged. KCBT/SCA
* The wheat basis firmed by 20 cents a bushel at Catoosa, Oklahoma, where farmers were busy cutting soybeans in dry conditions.
* Drought remained a concern across the Plains and was slowing the seeding of the 2025 winter wheat crop. The U.S. Department of Agriculture late on Monday said winter wheat seeding was 73% complete nationally, behind the five-year average of 76%.
* By state, the Kansas crop was 78% planted, near its average of 79%, but Oklahoma's wheat was only 55% planted, lagging its five-year average of 71%. Only 32% of Oklahoma's wheat had emerged from the ground, behind the five-year average of 49%, USDA data showed. US/WHE
* K.C. December hard red winter wheat KWZ24 settled up 4-1/4 cents at $5.86-1/2 a bushel.
Basis values are quoted against futures in cts/bu:
Current | Previous | Cash | |||||
basis | basis | price | |||||
KANSAS | |||||||
Wichita | -6 | + | Z | -6 | + | Z | $5.81 |
Newton | -35 | + | Z | -35 | + | Z | $5.52 |
Goodland | -75 | + | Z | -75 | + | Z | $5.12 |
TEXAS | |||||||
Gulf track* | 105 | + | Z | 105 | + | Z | $6.92 |
Galveston** | 100 | + | Z | 100 | + | Z | $6.87 |
OKLAHOMA | |||||||
Enid | -17 | + | Z | -17 | + | Z | $5.70 |
Catoosa | +10 | + | Z | -10 | + | Z | $5.97 |
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 in Chicago
Editing by Matthew Lewis
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