CHICAGO, June 17 (Reuters) - Spot basis bids for hard red winter wheat were flat in the U.S. Plains on Tuesday as farmers focused on the ongoing wheat harvest as well as harvest preparations, dealers said.
The U.S. Department of Agriculture reported on Monday that the U.S. winter wheat harvest was 10% complete, lagging the five-year average of 16%.
The USDA's winter wheat ratings declined, with 52% of the crop rated good to excellent, down from 54% last week. Analysts had expected no change.
Chicago Board of Trade July K.C. HRW wheat KWN25 futures ended up 11-3/4 cents at $5.47-3/4 a bushel.
Basis values are quoted against futures in cts/bu:
Current | Previous | Cash | |||||
basis | basis | price | |||||
KANSAS | |||||||
Wichita | -25 | + | N | -25 | + | N | $5.38 |
Newton | -50 | + | N | -50 | + | N | $5.13 |
Goodland | -82 | + | N | -82 | + | N | $4.81 |
TEXAS | |||||||
Gulf track* | 105 | + | N | 105 | + | N | $6.68 |
Galveston** | 100 | + | N | 100 | + | N | $6.63 |
OKLAHOMA | |||||||
Enid | -10 | + | N | -10 | + | N | $5.53 |
Catoosa | 10 | + | N | 10 | + | N | $5.73 |
NOTES:
H = March, K = May, N = July, U = September
Z = December; UNQ = Unquoted bids
0 = Sp Option price; NC = No comparison
* = No. 1 12% hard winter wheat, rail bids
** = Ordinary protein, rail bids
LINKS:
* K.C. HRW wheat protein scales KCBT/SCA
* U.S. weekly wheat crop progress US/WHE
* U.S. forward basis WHEAT/BASIS
* U.S. Midwest cash grain PM GRA/PM
* U.S. CIF Gulf Grain GRA/C
* U.S. FOB Gulf Grain GRA/F
(Reporting by Heather Schlitz; Editing by Sandra Maler)
((Heather.Schlitz@thomsonreuters.com;))