Milling & Baking News - April 2, 2024 - 67

Mar. 28
NO. 1 HARD WINTER
- Change from -
Premium
11.2%
Mar. 22
Mar. 15
Year
ago
Mar. 28
Ordinary 127 @ 137 +10 @ +10 +17 @ +17 160 @ 170
11%
11.4% 135 @ 145
11.6% 135 @ 145
11.8% 135 @ 145
12%
12.2%
135 @ 145 +15 @ +15 +15 @ +15 160 @ 170
135 @ 145 +15 @ +15 +15 @ +15 160 @ 170
+15 @ +15 160 @ 170
+6 @ +6
+6 @ +6
-2 @ -2
-2 @ -2
-
-
-
135 @ 145 -2 @ -2
135 @ 145 -2 @ -2
12.4% 140 @ 150
12.6% 140 @ 150
12.8% 140 @ 150
13%
13.2%
140 @ 150
140 @ 150
13.4% 140 @ 150
13.6% 140 @ 150
13.8% 140 @ 150
14%
140 @ 150
-
-
-
-
-
-
-
-
-
Basis Kansas City May, cents per bu
Cash Wheat
HARD WINTER. The hard red winter
wheat basis in Kansas City was 15¢ a bu
higher to 2¢ lower last week.
Limited supplies were offered over the
Kansas City or alternate gateways. The pace
of contracted applications improved slightly
but remained slower than in February. That
some March applications would roll into
April was agreeable to mills generally, since
wheat inventories and pipelines were in
good shape. But mills pushed to avoid a deluge
of back-to-back deliveries as railroads
begin to catch up.
The market for to-arrive wheat was quiet.
Seller interest topped buyer interest. Basis
had eased to around 130¢ over KC September
for Aug.-Sept. delivery of 12%-protein wheat.
The US Department of Agriculture estimated
the area planted to hard red winter
wheat for harvest this year at 24.3 million acres
compared with 24 million as estimated in January.
Kansas winter wheat area was estimated
at 7.7 million acres compared with 7.5 million as
the January estimate and 8.1 million in 2023.
Winter wheat condition ratings declined in
Kansas, likely due to the lengthening period
without significant rain in the Southern
Plains, but improved in most other states. The
USDA rated winter wheat in good-to-excellent
condition as of March 24 at 53% in Kansas
(55% a week earlier), 70% in Oklahoma (61%),
51% in Texas (46%), 68% in Colorado (65%), 66%
in Nebraska (60% on Feb. 25), 56% in South
Dakota (58%) and 48% in Montana (45%).
The USDA said 19% of the Montana crop
had moderate wind damage, 14% had moderate-to-severe
freeze and drought damage
and 17% was under good-to-excellent snow
cover. Winter wheat in Colorado was 12%
pastured versus 10% a year earlier and 11% as
the five-year average.
Salina wheat bids through April were
20¢ under KC May; June, 20¢ under July.
bakingbusiness.com
-
-
-
-
-
-
-
-
-
160 @ 170
160 @ 170
160 @ 170
160 @ 170
160 @ 170
160 @ 170
160 @ 170
160 @ 170
160 @ 170
160 @ 170
160 @ 170
160 @ 170
160 @ 170
Ordinary
11%
12%
13%
13.5%
NO. 1 HARD SPRING
- Change from -
Premium
. . .
. . .
. . .
. . .
. . .
. . .
260
. . .
. . .
Mar. 22
. . .
. . .
. . .
. . .
. . .
14% 115 @ 170 -20 @ 0
14.5%
15%
16%
17%
. . .
Mar. 15
. . .
. . .
. . .
. . .
. . .
-15 @ 0
. . .
. . .
. . .
Year
ago
...
...
...
...
...
155 @ 190
140
+50 @ +10 +30 @ +10 255 @ 265
. . .
. . .
...
...
Basis Minneapolis May, delivered Chicago\beyond cents per bu
For shipment
GULF EXPORT BIDS AND OFFERS
Offer
Mar. 28
Bid
No. 1 Hard 12%, Track Gulf
April
May
June
July
April
May
June
July
+170 May
+170 May
+160 July
+160 July
+40 May
+40 May
+30 July
+30 July
Basis Chicago future, cents per bu
Hutchinson bids nearby were 20¢ under KC
May; June, 20¢ under July. Wichita elevator
bids through May were 5¢ under KC May;
June-July, 13¢ under July.
HARD SPRING. Premiums on milling quality
hard red spring wheat in Minneapolis
were 50¢ a bu higher to 20¢ lower last week.
Receipts were limited.
With flour grind sustained by pipelines
adapting to a new normal of contracted
applications arriving four to six weeks late,
mills weren't pressing hard for more supply.
The USDA in its Prospective Plantings
report forecast the area planted to spring
wheat other than durum at 11,335,000 acres,
up 1% from 2023 planted area of 11,200,000
acres and above the high end of trade expectations
of 11,320,000 acres. That total included
10.7 million acres of hard red spring wheat.
The other spring wheat planted area was
forecast down 5% from last year in North
Dakota but up 23% in Minnesota.
SOFT RED. Soft wheat markets were mostly
quiet. Due to mills' mostly well-covered
status, interior bids saw no major impact
from China's US wheat cancellations earlier
in March, but barge bids for export were
under pressure.
The to-arrive market was quiet. Traders
suspected mills still had May-June coverage
to book before new crop. But last week, some
mills continued to limit truck delivery hours
+180
+180
+170
+170
Basis Kansas City future, cents per bu
No. 2 Soft Red, c.i.f. New Orleans
+50
+50
+40
+40
+70 May
+65 May
+40 July
+40 July
For shipment
Year ago
Bid
+162 May
+162 May
+151 July
+151 July
60
90
120
150
180
MJ SD
PACIFIC NORTHWEST
Mar. 28
Bid
. . .
May
June
$ per bu
No. 1 Hard 11.5%, Track, Portland
April
May
June
May
June
1.55
1.45
. . .
Basis Kansas City future, $ per bu
No. 1 Spring 14%, Track, Portland
April
1.60
1.50
1.50
Basis Minneapolis future, $ per bu
for spot shipments in part to slow wheat intake.
The crop was in good condition in most
states. Sharp temperature drop-offs during a
generally mild winter had little to no impact,
and soil moisture supplies were mostly in
good shape after consistent rainfall.
" We're still crossing our fingers on quality
with plenty of time until harvest, " a
southeast miller said. " Everything's still
looking good, but not good enough with
what wheat futures have done that producers
are taking a serious interest in putting
big production volumes on the books. "
The USDA said winter wheat in good-toexcellent
condition on March 24 was 71%
in Missouri (69% on Feb. 25), 75% in Illinois
(66%), 88% in Kentucky (89%), 40% in West
Virginia (97%), 56% in Virginia (46%), 68% in
North Carolina (89%), 48% in Mississippi (58%
a week earlier) and 58% in Arkansas (62%).
St. Louis-area mill bids for March were
12¢ over Chicago May; April, 15¢ over May;
May, 18¢ over May; new crop, 5¢ under July.
Toledo mill bid for March was 25¢ under
Chicago May; April-May, 25¢ under May;
June, 25¢ under July; July, 10¢ under July.
Toledo elevator bid nearby was 45¢ under
Chicago May; March-May, 40¢ under May;
new crop, 24¢ under July. Cincinnati elevator
bid through April was 15¢ over Chicago
May; June-July, 25¢ under July. Michigan
soft white winter wheat mill bids were 10¢
under Chicago May; soft red winter wheat
mill bids were 40¢ under May. MBN
MILLING & BAKING NEWS 67
-
+.10
+.10
-
+.10
+.10
1.35
1.35
1.40
+.10
+.05
. . .
+.10
+.05
. . .
1.75
1.75
1.90
6.00
6.00
Mar. 22
No. 1 Soft White, Track, Portland
April
. . .
+.10
+.10
- Change from -
Mar. 15
. . .
+.30
+.30
NO. 1 HARD WINTER PREMIUM, 12.2%
Year
ago
7.75
7.75
7.75
basis Kansas City, cents per bu
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Milling & Baking News - April 2, 2024

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