Spot basis bids hold mostly steady
Spot basis bids for hard red winter wheat were mostly steady around the southern U.S. Plains on Wednesday following a three-day futures rally that took cash prices to the highest in a month and sparked scattered farmer sales, grain dealers said.
* HRW wheat futures contracts (0#KW:) were mostly weaker near midday on Wednesday after rising earlier in the session to the highest since July 29.
* Protein premiums for wheat delivered by rail to or through Kansas City were up 5 cents a bushel for 13% protein wheat and unchanged for all other protein grades, according to the latest CME Group data.
* At 11:05 a.m. CDT (1605 GMT), K.C. September wheat futures (KWU2) were up 3 cents at $8.85-1/2 a bushel.
Basis values are quoted against futures in cts/bu:
NOTES: H = March, K = May, N = July, U = September,
Z = December; UNQ = Unquoted bids
0 = Option price NC = No comparison
* = No. 1 12% hard winter wheat, rail bids
** = Ordinary protein, rail bids
* K.C. HRW wheat protein scales
* U.S. weekly wheat crop progress
* U.S. forward basis (WHEAT/BASIS)
* U.S. Midwest cash grain PM
* U.S. CIF/FOB Gulf Grain