Basis bids flat to higher, protein premiums drop

Spot basis bids for hard red winter wheat shipped by rail to the U.S. Gulf were mostly steady to stronger on Friday, while protein premiums declined, grain dealers said.

* The basis rose by 5 cents at an elevator in Goodland, Kansas, to 50 cents under the K.C. December (KWZ2) HRW wheat futures contract, after dropping by 5 cents on Wednesday, a dealer said.

* Protein premiums for hard red winter wheat delivered by rail to or through Kansas City fell by 5 cents a bushel for wheat with ordinary protein levels to 12.8% protein. Premiums fell by 20 cents a bushel for wheat with 13% to 14% protein levels.

* K.C. December hard red winter wheat futures (KWZ2) were up 4 cents at $9.34-1/4 per bushel by 1020 CST (1620 GMT).

* The U.S. Department of Agriculture reported weekly net U.S. wheat export sales of 511,800 tonnes for 2022/23 in the week ended Nov. 17. Analysts surveyed by Reuters expected 250,000-600,000 tonnes.

* Of that total, export sales of hard red winter wheat were 69,200 tonnes, USDA data show.

Basis values are quoted against futures in cts/bu:

NOTES: H = March, K = May, N = July, U = September,

Z = December; UNQ = Unquoted bids

0 = 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/FOB Gulf Grain