US Plains HRW wheat basis remains mostly steady as farmers plant
WEAT•Spot hard red winter wheat basis bids were mostly flat in the southern US Plains as farmers resumed planting after rain delays. US winter wheat plantings were 36% complete as of Sunday, below the five-year average of 46% and analysts’ 43% expectation.
1. Planting and basis
Farmers near Goodland, Kansas, were expected to restart wheat planting after rain interrupted progress, while growers around Catoosa, Oklahoma, were taking advantage of drier weather to work in fields. A Catoosa grain elevator raised its hard red winter wheat basis by 5 cents per bushel; other listed bids were unchanged.
2. Crop progress and futures
US winter plantings were 36% complete as of Sunday, the US Department of Agriculture said Monday, compared with a five-year average of 46% and analysts’ expectation of 43%. K.C. December hard red winter wheat futures were up 7-1/2 cents at $7.49-3/4 per bushel at 10:20 a.m. CDT.
