Basis stays mostly steady, farmers focus on corn
Spot basis bids for hard red winter wheat stayed mostly flat in the southern U.S. Plains on Tuesday, as farmers focused on the corn harvest, dealers said.
With the winter wheat harvesting complete in Kansas and Oklahoma, farmers are set to harvest autumn crops such as corn, a dealer said.
The U.S. Department of Agriculture was expected to lower its good-to-excellent condition rating for the nation's corn crop in a weekly report at 3 p.m. CDT (2000 GMT).
K.C. December hard red winter wheat futures (KWZ25) were down 8-1/2 cents at $5.11-1/4 a bushel.
In Oklahoma, two merchants rolled their basis bids to K.C. December futures from the September contract (KWU25).
Basis values are quoted against futures in cts/bu:
Current | Previous | Cash | |||||
basis | basis | price | |||||
KANSAS | |||||||
Wichita | -60 | + | Z | -60 | + | Z | $4.59 |
Newton | -85 | + | Z | -85 | + | Z | $4.34 |
Goodland | -75 | + | U | -75 | + | U | $4.24 |
TEXAS | |||||||
Gulf track* | +85 | + | Z | +85 | + | Z | $5.99 |
Galveston** | +100 | + | U | +100 | + | U | $5.99 |
OKLAHOMA | |||||||
Enid | -35 | + | Z | -20 | + | U | $4.79 |
Catoosa | -25 | + | Z | -10 | + | U | $4.89 |
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
* U.S. weekly wheat crop progress
* U.S. forward basis (WHEAT/BASIS)
* U.S. Midwest cash grain PM
* U.S. CIF Gulf Grain
* U.S. FOB Gulf Grain
