Basis bids mostly unchanged as futures jump

Apr 22, 202418:15 UTC

Basis bids for hard red winter (HRW) wheat were largely stagnant on Monday amid reluctance from farmers to sell their crop, dealers said.

* A rally in wheat futures had little effect on farmer selling in cash markets, dealers said.

* In Oklahoma, 44% of the winter wheat crop was under moderate to severe drought, according to the U.S. Department of Agriculture's weekly drought monitor report released last Thursday.

* Portions of the U.S. High Plains are expected to remain dry in the next week, though parts of the Northern Plains are set to receive rain, according to analysts.

* Analysts await the U.S. Department of Agriculture's weekly crop progress report that will be released later on Monday.

* Protein premiums for HRW wheat shipped by rail to or through Kansas City on Friday, the most recent day for which data was available, were unchanged.

* K.C. May HRW wheat futures (KWK24) were up 17 cents at $5.98-1/2 per bushel ahead of the close of trading.

Basis values are quoted against futures in cts/bu:

	Current			Previous			Cash
	basis			basis			price
KANSAS
Wichita	-15	+	K	-15	+	K	$5.84
Newton	-45	+	K	-45	+	K	$5.54
Goodland	-85	+	K	-85	+	K	$5.14
TEXAS
Gulf track*	+145	+	K	+145	+	K	$7.44
Galveston**	+100	+	K	+100	+	K	$6.99
OKLAHOMA
Enid	-25	+	K	-25	+	K	$5.74
Catoosa	+30	+	K	+30	+	K	$6.29