Basis bids unchanged ahead of USDA reports

Mar 28, 202415:43 UTC

Spot basis bids for hard red winter (HRW) wheat delivered to elevators and millers around the southern U.S. Plains held mostly steady on Thursday in quiet trade ahead of U.S. government crop data due out later in the day, merchants said.

* The U.S. Department of Agriculture (USDA) is due to release its quarterly grain stocks and prospective plantings report at 11:00 a.m. CDT (1600 GMT). Analysts polled by Reuters expect the agency to report March 1 U.S. wheat stocks above last year, while winter and spring wheat acres were seen down from 2023.

* In a weekly report on Thursday, the USDA said net U.S. wheat export sales in the week ended March 21 totaled 339,700 metric tons for the 2023/24 marketing year, above trade estimates for up to 300,000 tons. New-crop sales totaled 212,800 tons, in line with estimates. Combined-marketing-year sales were the largest in 10 weeks, USDA data showed.

* Protein premiums for HRW wheat shipped by rail to or through Kansas City were unchanged for all protein grades.

* K.C. May HRW wheat futures (KWK24) were up 5 cents at $5.83-1/4 per bushel at 10:35 a.m. CDT (1535 GMT) on Thursday.

	Current basis			Previous basis			Cash price
KANSAS
Wichita	-5	+	K	-5	+	K	$5.78
Newton	-35	+	K	-35	+	K	$5.48
Goodland	-85	+	K	-85	+	K	$4.98
TEXAS
Gulf track*	+145	+	K	+145	+	K	$7.28
Galveston**	+75	+	K	+75	+	K	$6.58
OKLAHOMA
Enid	-25	+	K	-25	+	K	$5.58
Catoosa	+50	+	K	+50	+	K	$6.33