US Plains HRW Wheat-Basis bids flat as futures weaken
CHICAGO, June 12 (Reuters) - Spot hard red winter wheat basis bids were unchanged in a spot check of locations around the U.S. Plains on Friday as futures moved down slightly.
The wheat harvest is ongoing in Texas, Oklahoma and Kansas though a severe drought has heavily impacted yields this year.
In its monthly supply and demand report, the U.S. Department of Agriculture cut its U.S. winter wheat crop outlook by 2% from a month earlier.
U.S. winter wheat production in the 2026/27 season was estimated at 1.030 billion bushels, down from its forecast of 1.048 billion last month and well below last year's winter crop of 1.402 billion bushels.
K.C. July hard red winter wheat KWN26 settled down 1/4 cent at $6.34-1/2 per bushel.
Basis values are quoted against futures in cts/bu:
|
Current |
|
|
Previous |
|
|
Cash |
|
basis |
|
|
basis |
|
|
price |
KANSAS |
|
|
|
|
|
|
|
Wichita |
-24 |
+ |
N |
-24 |
+ |
N |
$6.11 |
Newton |
-49 |
+ |
N |
-49 |
+ |
N |
$5.86 |
Goodland |
-70 |
+ |
N |
-70 |
+ |
N |
$5.65 |
|
|
|
|
|
|
|
|
TEXAS |
|
|
|
|
|
|
|
Gulf track* |
+125 |
+ |
N |
+125 |
+ |
N |
$7.60 |
Galveston** |
+100 |
+ |
N |
+100 |
+ |
N |
$7.35 |
|
|
|
|
|
|
|
|
OKLAHOMA |
|
|
|
|
|
|
|
Enid |
-15 |
+ |
N |
-15 |
+ |
N |
$6.20 |
Catoosa |
+5 |
+ |
N |
+5 |
+ |
N |
$6.40 |
NOTES:
H = March, K = May, N = July, U = September
Z = December; UNQ = Unquoted bids
0 = Spot 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
