US Plains HRW Wheat-Basis bids steady as USDA cuts crop outlook
CHICAGO, June 11 (Reuters) - Spot hard red winter wheat basis bids were flat around the U.S. Plains on Thursday as futures ticked up.
Wheat harvesting is ongoing in Texas, Oklahoma, as well as Kansas, the nation's top producer, but some farmers have little to no grain to gather.
In its monthly supply and demand report, the U.S. Department of Agriculture on Thursday cut its U.S. winter wheat crop outlook by 2% from a month earlier as a harsh drought in the Plains reduced its hard red winter wheat production to the lowest since 1957.
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.
Rainy weather in parts of the U.S. Plains could delay some harvesting in spots, according to forecaster Vaisala.
Protein premiums for railcar HRW wheat to and through Kansas City were down 1 cent for wheat with 11% to 11.4% protein content. KCBT/SCA
K.C. July hard red winter wheat KWN26 settled up 4-1/4 cents at $6.34-3/4 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
