CHICAGO, June 30 (Reuters) - Spot basis bids for hard red winter (HRW) wheat turned lower on Monday as wheat terminals rolled their basis bids to the September contract KWU25.
Analysts said farmer selling was picking up in some locations.
Decreasing CIF bids also pressured wheat bids lower.
The U.S. Department of Agriculture's June 1 wheat stocks figure of 851 million bushels was also above most analysts' estimates while June 1 corn stocks at 4.644 billion bushels were near the average estimate.
Chicago Board of Trade September K.C. HRW wheat KWU25 futures settled 7 cents lower to $5.26-3/4 per bushel.
Basis values are quoted against futures in cts/bu:
Current | Previous | Cash | |||||
basis | basis | price | |||||
KANSAS | |||||||
Wichita | -25 | + | N | -25 | + | N | $5.02 |
Newton | -50 | + | N | -50 | + | N | $4.77 |
Goodland | -75 | + | U | -82 | + | N | $4.52 |
TEXAS | |||||||
Gulf track* | 105 | + | N | 105 | + | N | $6.32 |
Galveston** | 100 | + | N | 100 | + | N | $6.27 |
OKLAHOMA | |||||||
Enid | -15 | + | U | -10 | + | N | $5.12 |
Catoosa | -15 | + | U | 10 | + | N | $5.12 |
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;))
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