CHICAGO, June 20 (Reuters) - Spot basis bids for hard red winter (HRW) wheat were mostly unchanged at elevators and mills around the southern U.S. Plains on Friday, dealers said, as futures prices reached a two-month high.
The uptick in prices helped to encourage farmers to sell their crops as harvesting is underway, dealers said.
With prices hovering around $5 per bushel, farmers have reached an inflection point, with many forced to either lose money, feed wheat to cattle or kill off the crop.
The U.S. Department of Agriculture is slated to issue an update on harvesting in a weekly report on Monday, after rains recently delayed farmers' progress.
The U.S. winter wheat harvest was 10% complete as of June 15, below the five-year average of 16%, USDA data show.
U.S. export sales of hard red winter wheat were 127,429 metric tons in the week that ended on June 12, down about 20% from the previous week, the USDA said separately.
Chicago Board of Trade July K.C. HRW wheat KWN25 futures were 5 cents lower at $5.66-1/4 a bushel around 12:40 p.m. CDT (1740 GMT).
Basis values are quoted against futures in cts/bu:
Current | Previous | Cash | |||||
basis | basis | price | |||||
KANSAS | |||||||
Wichita | -25 | + | N | -25 | + | N | $5.41 |
Newton | -50 | + | N | -50 | + | N | $5.16 |
Goodland | -82 | + | N | -82 | + | N | $4.84 |
TEXAS | |||||||
Gulf track* | +105 | + | N | +105 | + | N | $6.71 |
Galveston** | +100 | + | N | +100 | + | N | $6.66 |
OKLAHOMA | |||||||
Enid | -10 | + | N | -10 | + | N | $5.56 |
Catoosa | +10 | + | N | +10 | + | N | $5.76 |
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 Tom Polansek; Editing by Will Dunham)
((Thomas.Polansek@thomsonreuters.com))
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