US Plains HRW wheat basis steady as winter wheat planting continues
WEAT•Spot basis bids for hard red winter wheat held steady in the southern US Plains as producers harvested autumn crops and planted the 2027 crop. Kansas severe drought fell to 10% of the state from 23% a week earlier, while nearly 43% of Oklahoma remained under extreme drought.
1. Planting picks up
Warm, dry weather helped accelerate winter wheat planting after mid-September dryness and heavy rains into early October caused delays. The showers replenished soil moisture and reduced drought in Kansas, Nebraska and Colorado.
2. Drought and futures
Severe drought covered 10% of Kansas as of October 6, down from 23% a week earlier. In Oklahoma, nearly 43% remained under extreme drought, down from 55%. December Kansas City hard red winter wheat futures settled down 2-1/4 cents at $7.36-1/4 per bushel on Thursday.
3. Stocks and premiums
Analysts surveyed by Reuters expected the USDA to raise its forecast for US 2026/27 wheat ending stocks to 721 million bushels from 717 million. Protein premiums for wheat delivered to and through Kansas City fell 3 cents per bushel for ordinary wheat below 11% protein and rose 5 cents for wheat with 11.0% to 11.4% protein.
