US Hard Red Winter Wheat Basis Bids Steady to Lower

US Hard Red Winter Wheat Basis Bids Steady to Lower

Basis bids for hard red winter wheat were flat to lower in a spot check of locations around the southern U.S. Plains on Thursday. Futures fell, shrugging off ongoing concerns about drought-induced damage to the southern Plains wheat crop. Analysts said the damage was already priced in and that the market is anticipating months of global oversupply.

Protein Premiums and Futures

Protein premiums for railcar HRW wheat to and through Kansas City gained 8 cents for wheat with 11%-11.2% protein content, 1 cent for 12%-12.2% protein content, and 2 cents for wheat with 12.4% protein content. It was unchanged for all other protein grades. K.C. July hard red winter wheat (KWN26) dropped 4-1/2 cents to $6.65-1/4 per bushel.

Basis Values (cts/bu)

Kansas: Wichita -24+N, Newton -49+N, Goodland -90+N. Texas: Gulf track +120+N, Galveston +100+N. Oklahoma: Enid -15+N, Catoosa +10+N. Note: N = July futures.