XM does not provide services to residents of the United States of America.

US Plains HRW Wheat-Basis steady as harvest progresses in Oklahoma



<html xmlns="http://www.w3.org/1999/xhtml"><head><title>US Plains HRW Wheat-Basis steady as harvest progresses in Oklahoma</title></head><body>

CHICAGO, June 8 (Reuters) -Basis bids for hard red winter wheat were unchanged at grain elevators in the southern U.S. Plains on Thursday and protein premiums were flat as market players waited for the harvest to pick up speed.

* Combines were rolling in southern Oklahoma this week despite scattered rains, with yields in the best part of the drought-hit state running 30 to 40 bushels per acre and test weights averages 60 lbs per bushel, according to a June 7 harvest report from the Oklahoma Wheat Commission.

* Elevator operators worried that test weights and grain quality could decline as the Oklahoma wheat harvest advances northward, the report said.

* Protein premiums for wheat delivered by rail to or through Kansas City were unchanged on Thursday. KCBT/SCA

* The U.S. Department of Agriculture (USDA) reported export sales of U.S. wheat in the week to June 1 at 234,800 metric tons. A total of 877,400 tons in sales were carried over from the 2022/23 marketing year, which ended May 31. By class, weekly sales of hard red winter wheat were poor, totaling just 18,200 tons. EXP/WHE

* Ahead of the USDA's monthly supply/demand and crop production reports on Friday, analysts surveyed by Reuters on average expect the government to raise its estimates of U.S. 2023/34 all-wheat and winter wheat production. For hard red winter wheat, the average crop estimate among analysts surveyed by Reuters was 520 million bushels, up from USDA's May estimate of 514 million.

* K.C. July hard red winter wheat futures bounced on Thursday, with the July contract KWN3 settling up 16-3/4 cents at $8.04-3/4 a bushel. September KWU3 ended up 17-3/4 cents at $8.03-3/4 a bushel.

Basis values are quoted against futures in cts/bu:


Current



Previous



Cash


basis



basis



price

KANSAS








Wichita

-5

+

N

-5

+

N

$8.00

Newton

-30

+

N

-30

+

N

$7.75

Goodland

-35

+

N

-35

+

N

$7.70








TEXAS







Gulf track*

+100

+

N

+115

+

N

$9.05

Galveston**

+100

+

N

+100

+

N

$9.05








OKLAHOMA







Enid

-10

+

N

-10

+

N

$7.95

Catoosa

+45

+

U

+45

+

U

$8.49


NOTES
H = March, K = May, N = July, U = September
Z = December; UNQ = Unquoted bids
0 =Sp 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/FOB Gulf Grain GRA/F



Reporting by Julie Ingwersen
Editing by Marguerita Choy

</body></html>

Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.

All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.

Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.

Risk Warning: Your capital is at risk. Leveraged products may not be suitable for everyone. Please consider our Risk Disclosure.