Spot hard red winter wheat basis bids were flat to lower in the U.S. Plains states on Monday as futures jumped, following as corn and soybean futures surged on worries about U.S. and European crop weather.
According to the U.S. Department of Agriculture on Monday, the U.S. winter wheat crop is in 26% good-excellent condition, the worst on record for this time of year and in line with analyst expectations.
The U.S. winter wheat harvest is ramping up. The USDA said the wheat crop is 59% harvested, up from 48% last week.
Some locations rolled basis bids to the September hard red winter wheat contract (KWU26).
The basis fell in Enid, Oklahoma.
K.C. September hard red winter wheat (KWU26) ended up 11-1/4 cents at $6.49-3/4 a bushel
Basis values are quoted against futures in cts/bu:
Current Previous Cash | basis basis price | KANSAS | Wichita -34 + U -34 + U $6.16 | Newton -59 + U -59 + U $5.91 | Goodland -65 + U -65 + U $5.85 | TEXAS | Gulf track* 115 + U 115 + U $7.65 | Galveston** 100 + U 100 + N $7.50 | OKLAHOMA | Enid -25 + U -15 + U $6.25 | Catoosa -30 + U -30 + U $6.20 |
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