Milling & Baking News - October 9, 2018 - 41

Ingredient Week

Cash Wheat
HARD WINTER. Premiums on hard
red winter wheat in Kansas City were
unchanged to 20c a bu higher last week.
Cash wheat movement was exceptionally light as the country's primary concerns remained harvesting fall row
crops, especially corn and soybeans, and
drilling hard winter wheat seeds. Shipments for application against October
contracts began to arrive.
With a late-week 20c hike at ordinary
wheat, the hard winter wheat basis was
flat across the entire protein scale at
85@100c, indicating buyers weren't willing to pay more to obtain wheat with
higher protein levels, many having significant stocks of high-protein wheat
purchased closer to harvest.
The U.S. Department of Agriculture indicated winter wheat planting by Sept. 30
was 41% completed in Kansas (compared
with 21% a week earlier and 32% as the
recent average for the date), 41% in Oklahoma (39% as the five-year average), 42%
in Texas (38%), 72% in Nebraska (74%),
67% in Colorado (65%), 67% in South Dakota (65%) and 35% in Montana (67%).
In its first wheat emergence estimates for
the season, the U.S.D.A. said winter wheat
emergence by Sept. 30 was 17% in Kansas
(11% as the average), 5% in Oklahoma (9%),
4% in Texas (14%), 31% in Nebraska (41%),
39% in Colorado (31%), 31% in South Dakota (19%) and 12% in Montana (17%).
The corn harvest in the region was
ahead of the normal pace in Kansas, Nebraska, South Dakota and Texas by Sept.
30. The soybean harvest was ahead of
normal in Nebraska and South Dakota
and slightly trailing normal in Kansas.
The U.S.D.A.'s Grain Stocks report issued Sept. 28 indicated hard red winter
wheat stocks in Southwest - Kansas,
Oklahoma, Texas, Nebraska and Colorado - on Sept. 1 totaled 882,155,000

No. 1 hard winter
Basis Kansas City Dec., cents per bu
Oct. 5 - Change from - Year
Premium Sept. 28 Sept. 21
ago
Ordinary 85@ 100 +20 @ +20 +20 @ +20 10 @ 25
11%
85@ 100
-
-
60 @ 75
11.2% 85@ 100
-
-
79 @ 94
11.4% 85@ 100
-
-
100 @ 115
11.6% 85@ 100
-
-
105 @ 120
11.8% 85@ 100
-
-
105 @ 120
12%
85@ 100
-
-
105 @ 120
12.2% 85@ 100
-
-
105 @ 120
12.4% 85@ 100
-
-
120 @ 135
12.6% 85@ 100
-
-
135 @ 150
12.8% 85@ 100
-
-
135 @ 150
13%
85@ 100
-
-6 @ -6 165 @ 180
13.2% 85@ 100
-
-6 @ -6 165 @ 180
13.4% 85@ 100
-
-6 @ -6 165 @ 180
13.6% 85@ 100
-
-6 @ -6 165 @ 180
13.8% 85@ 100
-
-6 @ -6 165 @ 180
14%
85@ 100
-
-6 @ -6 215 @ 230
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bus, down 9% from 972,029,000 bus a
year ago. Seven per cent of the region's
inventory was stored on farms.
Gulf bids on 12%-protein hard red winter wheat for September were 130c over
K.C. December. Salina truck bids at terminal elevators were 45c under K.C. December. Hutchinson wheat bids were 40c under K.C. December. Wichita elevator bids
for nearby were 25c under K.C. December.
HARD SPRING. Premiums on hard red
spring wheat in Minneapolis were 20c a bu
higher to 10c a bu lower last week. With
growers and elevators increasingly engaged with harvesting, handling and storing the fall crops, the hard spring wheat
spot market was quiet, notching small adjustments at 14%, 14.5% and 15% proteins.
Most producers across the northern
Plains have completed their spring wheat
harvest, and many had sold sufficient
supplies to create storage for their fall
crops. Poor weather conditions limited
fieldwork last week. Little improvement
on that front was seen in forecasts for the
second week of October. Some unharvested row crops were topped with winter's
first snow in areas of northwestern North
Dakota. The soybean and corn harvests
were ahead of the normal pace in Minnesota and North Dakota by Sept. 30.
The U.S.D.A. in its quarterly Grain
Stocks report indicated Sept. 1 wheat
stocks in the Upper Midwest - North
Dakota, South Dakota, Minnesota and
Montana - totaled 719,822,000 bus, up
33% from 541,243,000 bus a year ago.

Spring wheat stocks held in the
northern port cities of Duluth, Minn.,
and Superior, Wis., on Sept. 30 totaled
20,592,000 bus, up 1,642,000 bus from
the prior week and compared with
18,464,000 in late September 2017.
SOFT RED. Mill bids on soft red winter wheat were unchanged to higher.
St. Louis-area mill bids for nearby were
10@15c over Chicago December. Chicago mill bids were 10c over Chicago December. Toledo mill bids for nearby were
the Chicago December price; NovemberDecember, 15c over December. Elevator
bids were 10c under Chicago December.
Cincinnati elevator bids were the Chicago December price. Michigan white
wheat mill bids were 10@20c over Chicago December; soft red bids were 10c under to 15c over December. Gulf bids on
soft red winter wheat for October were
57c over Chicago December, down 3c.
The U.S.D.A. indicated winter wheat
planting by Sept. 30 was 7% completed in
Missouri (7% as the average for the date),
8% in Illinois (7%), 17% in Indiana (12%),
8% in Ohio (17%) and 21% in Michigan
(24%). Winter wheat emergence by Sept.
30 was 2% in Missouri (1% as the recent
five-year average), 1% in Indiana (2%)
and 6% in Michigan (4%).
The U.S.D.A. indicated Sept. 1 wheat
stocks in the Central states - Missouri,
Illinois, Indiana, Ohio and Michigan -
totaled 256,203,000 bus, down 4% from
267,422,000 bus in 2017. Six per cent of the
region's inventory was stored on farms. MBN

No. 1 hard spring

No. 1 hard winter premiums, 12.2%

Basis Minneapolis Dec., delivered Chicago\beyond cents
per bu
Oct. 5
- Change from -
Year
Premium Sept. 28 Sept. 21
ago
Ordinary
...
...
...
...
11%
...
...
...
...
12%
...
...
...
...
13%
...
...
...
...
13.5%
85 @ 105 +10 @ +20
0 @ +20
75
14%
80 @ 105 -5 @ +15 +5 @ +20 90 @ 100
14.5%
80 @ 85
...
+20 @ +25
110
15%
75 @ 115 -10 @ +20 +24 @ +60
160
16%
...
...
...
160
17%
...
...
...
...

Exporter bids and offers
For
shipment

Oct. 5
Bid

Offer

No. 1 Hard 12%, Track Gulf
Basis Kansas City future, cents per bu
October
+130 Dec.
140
November
+135 Dec.
145
December
+140 Dec.
150
January
+130 March 140
No. 2 Soft Red, c.i.f. New Orleans
Basis Chicago future, cents per bu
October
+57 Dec.
65
November
+62 Dec.
70
December
+68 Dec.
75
January
+62 March 70

Year ago
bid

+193 Dec.
+193 Dec.
+193 Dec.
+176 March

+50 Dec.
+55 Dec.
+58 Dec.
+45 March

Basis Kansas City, cents per bu
222
182
142
102
62
O

J

A

J

Cash wheat
Oct. 5 - Change from -
For shipment
Bid Sept. 28 Sept. 21
No. 1 Soft White, Track, Portland
$ per bu
October
6.19
+.09
+.09
November
6.21
+.10
+.09
December
6.25
+.11
+.10
No. 1 Hard 11.5%, Track, Portland
Basis Kansas City future, $ per bu
October
1.30
-
+.10
November
1.35
-
+.10
December
1.35
-
+.05
No. 1 Spring 14%, Track, Portland
Basis Minneapolis future, $ per bu
October
0.93
-.02
-.02
November
0.97
-.03
-.03
December
1.02
-.03
-.03
Milling & Baking News

Year
ago
5.40
5.46
5.49
1.55
1.60
1.60
...
1.10
1.10

October 9, 2018 / 41
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Milling & Baking News - October 9, 2018

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