Spot hard red winter wheat basis bids were flat in the U.S. Plains states on Wednesday as farmers took advantage of a bounce in wheat futures to sell off their crop.
Wheat futures rose, extending gains triggered by the U.S. Department of Agriculture's acreage and stocks estimates on Tuesday.
In the closely followed report, the USDA pegged U.S. wheat plantings and quarterly stocks below trade expectations.
The U.S. Department of Agriculture on Monday reported that winter wheat ratings held steady at just 26% good-to-excellent as a severe drought in the U.S. Plains wheat belt has damaged much of the crop.
The rating was the lowest on record for the 26th week of the year, according to USDA data that goes back to 1986.
K.C. September hard red winter wheat (KWU26) was last 8 cents higher to $6.33-1/4 per bushel.
Basis values are quoted against futures in cts/bu:
Current Previous Cash | basis basis price | KANSAS | Wichita -24 + N -24 + N $6.09 | Newton -49 + N -49 + N $5.84 | Goodland -65 + N -65 + N $5.68 | TEXAS | Gulf track* 115 + N 115 + N $7.48 | Galveston** 100 + N 100 + N $7.33 | OKLAHOMA | Enid -15 + U -15 + N $6.18 | Catoosa -30 + U -30 + U $6.03 |
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
* U.S. weekly wheat crop progress
* U.S. forward basis (WHEAT/BASIS)
* U.S. Midwest cash grain PM
* U.S. CIF Gulf Grain
* U.S. FOB Gulf Grain