US Plains HRW wheat basis stays flat as farmers advance plantings
WEAT•Spot basis bids for hard red winter wheat remained steady in the southern US Plains as dry weather enabled fieldwork. Analysts expected winter wheat planting to reach 43%, up from 27% a week earlier, while December futures rose 6 cents to $7.41¼ per bushel.
1. Planting advances
Drier weather across the central US was expected to favor winter wheat planting this week, after rain slowed work in some areas but brought beneficial soil moisture. Analysts expected the US Department of Agriculture to report that planting was 43% complete, up from 27% a week earlier.
2. Basis and futures
Spot basis bids were unchanged in Kansas, Texas and Oklahoma locations listed. Kansas City December hard red winter wheat futures rose 6 cents to $7.41¼ per bushel in afternoon trading.
