US Plains HRW Wheat-Bids mostly flat, rains complicate harvest plans
CHICAGO, June 2 (Reuters) -Basis bids for hard red winter wheat were mostly steady on Friday in the southern U.S. Plains as parts of the crop near harvest, grain dealers said.
* Recent rains are complicating some farmers' harvest plans. The rains revived some drought-hit wheat plants that are now farther behind in development than plants in the same fields that are almost ready to be harvested, an Oklahoma grain dealer said.
* Protein premiums for wheat delivered by rail to or through Kansas City dropped by 20 cents a bushel for wheat with protein content of 13.8% to 14%, according to the latest data. A day earlier, these premiums jumped by 30 cents. KCBT/SCA
* At 12:35 p.m. CDT (17350 GMT), the benchmark July K.C. hard red winter wheat futures contract KWN3 was up 10-1/2 cents at $8.13 a bushel. The September contract KWU3 was 10-3/4 cents higher at $8.08-1/4 a bushel.
Basis values are quoted against futures in cts/bu:
Current | Previous | Cash | |||||
basis | basis | price | |||||
KANSAS | |||||||
Wichita | +0 | + | N | +0 | + | N | $8.12 |
Newton | -30 | + | N | -30 | + | N | $7.82 |
Goodland | -35 | + | N | -35 | + | N | $7.77 |
TEXAS | |||||||
Gulf track* | +115 | + | N | +125 | + | N | $9.27 |
Galveston** | +100 | + | N | +100 | + | N | $9.12 |
OKLAHOMA | |||||||
Enid | -15 | + | N | -15 | + | N | $7.97 |
Catoosa | +50 | + | U | +50 | + | U | $8.57 |
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 Tom Polansek in Chicago; editing by David Evans
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