US Plains HRW Wheat — Basis steady as farmers focus on planting

CHICAGO, Oct 12 (Reuters) — Basis bids for hard red winter wheat were mostly steady in the southern US Plains on Monday, spot checks showed, amid a quiet cash trade as farmers focused on planting the 2027 winter wheat crop, merchandisers said. Dry weather in most of the US Plains has allowed for winter wheat planting, though rains later this week in parts of the southern Plains could cause delays. The US Department of Agriculture last week raised its forecast of US 2026/27 wheat ending stocks to 740 million bushels, up from 717 million last month and above the average analyst estimate of 721 million. K.C. December hard red winter wheat futures were last 4-1/4 cents lower to $7.15 per bushel. Wheat turned lower as traders assessed progress towards a Black Sea peace deal that would allow Russia and Ukraine to resume ship-borne exports. Basis values are quoted against futures in cts/bu: Enid -20 tx gulf $1.00 over. Very slow, everyone's planting wheat Curren Previou Cash t s basis basis price Kansas Wichita -44 + Z -44 + Z $6.75 Newton -69 + Z -69 + Z $6.50 Goodland -65 + Z -65 + Z $6.54 Texas Gulf track* +95 + Z +95 + Z $8.14 Galveston** +100 + Z +100 + Z $8.19 Oklahoma Enid -25 + Z