US Plains HRW Wheat-Basis bids unchanged as harvest progresses
DBA•Basis bids stay flat as harvest advances
CHICAGO, July 21 (Reuters) - Basis bids for hard red winter wheat were flat in the U.S. Plains on Tuesday as futures firmed and the winter wheat harvest sped along.
- The winter wheat harvest was 74% complete, up from 67% the previous week, the U.S. Department of Agriculture reported on Monday.
- Russian wheat export prices surged last week amid difficult shipping conditions in the Black Sea and a new wave of attacks in the Strait of Hormuz, analysts said on Monday.
- The Sovecon agriculture consultancy on Tuesday cut its forecast for Russia's wheat crop this year to 88.3 million metric tons from 88.9 million tons, citing weaker prospects in the south of the country and a smaller spring wheat area.
- K.C. September wheat futures KWU26 were last 3-3/4 cents higher to $7.27-1/2 per bushel.
Cash basis values quoted against futures
Basis values are quoted against futures in cts/bu:
| Location | Current basis | Previous basis | Cash price |
|---|---|---|---|
| KANSAS | |||
| Wichita | -34 + U | -34 + U | $6.94 |
| Newton | -59 + U | -59 + U | $6.69 |
| Goodland | -65 + U | -65 + U | $6.63 |
| TEXAS | |||
| Gulf track* | 115 + U | 115 + U | $8.43 |
| Galveston** | 95 + U | 95 + U | $8.23 |
