US Plains HRW wheat plantings proceed, basis stays mostly flat
WEAT•Hard red winter wheat basis bids were mostly unchanged in the southern US Plains as farmers made progress on planting. December K.C. wheat futures fell 17-3/4 cents to $7.38-1/2 per bushel, while Gulf track basis rose 2 cents to 95 cents over futures.
1. Planting and basis
Spot basis bids for hard red winter wheat were mostly unchanged in the southern US Plains as farmers made progress on plantings. Forecasts looked dry and favorable through Saturday; the USDA said producers had mostly resumed normal fieldwork after late-September downpours, except in the wettest areas such as southeastern Nebraska.
2. Futures and Gulf bids
December K.C. hard red winter wheat futures closed down 17-3/4 cents at $7.38-1/2 per bushel, after reaching $7.58-3/4 earlier in the session. Gulf track basis rose 2 cents to 95 cents over the December contract.
