Spot basis bids hold mostly steady

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

LINKS:

* 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