Wheat spot basis bids steady in southern US Plains
Spot basis bids for hard red winter wheat held steady in the southern US Plains on Monday; cash trade was subdued as producers harvested fall crops and seeded the 2027 winter wheat crop.
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CHICAGO, Sept 21 (Reuters) — Spot basis bids for hard red winter wheat held steady in the southern US Plains on Monday and cash trade was subdued as producers continued harvesting fall crops and seeding the 2027 winter wheat crop. K.C. HRW wheat futures on the Chicago Board of Trade closed higher on the day but stayed below recent peaks, limiting farmer grain sales. K.C. December HRW wheat settled up 10-3/4 cents at $7.94-1/2 per bushel, but kept below a life-of-contract high set on September 2 at $8.58-1/4. Protein premiums for railcar HRW wheat to and through Kansas City rose by 3 cents a bushel for wheat with 12.6% and 12.8% protein, but premiums other grades were unchanged. KCBT/SCA After the markets closed, the US Department of Agriculture said the US winter wheat crop was 17% planted, behind the five-year average of 21%. By state, winter wheat planting was 10% complete in top producer Kansas, 4% complete in Oklahoma and 21% complete in Texas. Weather conditions were improving in portions of the Plains following weeks of searing drought. "Recent and ongoing rainfall, mainly across the northern and central Plains, has boosted topsoil moisture and improved prospects for the proper germination and establishment of recently planted winter wheat," the USDA said in a daily weather note. Basis values are quoted against futures in cts/bu: Current Previous Cash basis basis price Kansas Wichita -44 + Z -44 + Z $7.51 Newton -69 + Z -69 + Z $7.26 Goodland -65 + Z -65 + Z $7.30 Texas Gulf track* +93 + Z +93 + Z $8.88 Galveston** +85 + Z +85 + Z $8.80 Oklahoma Enid -25 + Z -25 + Z $7.70 Catoosa -50 + Z -50 + Z $7.45 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 KCBT/SCA U.S. weekly wheat crop progress US/WHE U.S. forward basis U.S. Midwest cash grain PM GRA/PM U.S. CIF Gulf Grain GRA/C U.S. FOB Gulf Grain GRA/F (Reporting by Julie Ingwersen; Editing by Christian Schmollinger) ((Julie.ingwersen@thomsonreuters.com; 1-312-408-8710; Reuters Messaging: julie.ingwersen.thomsonreuters.com@reuters.net)