Milling & Baking News - August 8, 2023 - 35

Aug. 4
11.2%
NO. 1 HARD WINTER
- Change from -
Premium
65 @ 75
65 @ 75
July 28
July 21
Year
ago
Aug. 4
Ordinary 55 @ 65 -15 @ -15 -35 @ -35 152 @ 162
11%
11.4% 65 @ 75
11.6% 65 @ 75
11.8% 65 @ 75
12%
12.2%
65 @ 75
65 @ 75
12.4% 65 @ 75
12.6% 70 @ 80
12.8% 70 @ 80
13%
13.2%
70 @ 80
70 @ 80
13.4% 70 @ 80
13.6% 70 @ 80
13.8% 70 @ 80
14%
70 @ 80
-5 @ -5 -35 @ -35 152 @ 162
-5 @ -5 -35 @ -35 152 @ 162
-5 @ -5 -35 @ -35 152 @ 162
-5 @ -5 -35 @ -35 152 @ 162
-5 @ -5 -35 @ -35 152 @ 162
-5 @ -5 -35 @ -35 126 @ 136
-5 @ -5 -50 @ -50 126 @ 136
-5 @ -5 -50 @ -50 126 @ 136
-45 @ -45 126 @ 136
-45 @ -45 126 @ 136
-45 @ -45 126 @ 136
-45 @ -45 126 @ 136
-45 @ -45 126 @ 136
-45 @ -45 126 @ 136
-45 @ -45 126 @ 136
-45 @ -45 126 @ 136
-
-
-
-
-
-
-
-
Basis Kansas City Sept., cents per bu
Cash Wheat
HARD WINTER. The hard red winter
wheat basis in Kansas City was unchanged
to 15¢ a bu lower last week.
Offers were scanty, comprised largely of
southern Plains wheat traded to Los Angeles
or South Dakota/Nebraska wheat headed
east through Chicago. That middle- and lowprotein
Colorado and Kansas wheat traded
lower even though a glacial pace of August
contract applications indicated millers had
plush nearby pipelines and weren't pressing.
Basis deterioration of about $1 a bu over
the summer, coupled with a remarkable
weeklong downturn in wheat futures, mostly
turned off selling. It wasn't clear if farmers
were selling wheat off the combine. Country
elevator ownership was at higher-than-normal
levels, traders said, because much of the
supply was purchased at higher prices before
July's 60¢-a-bu declines. A return of carrying
charges to wheat futures was insufficient to
cover storage, a trader said.
The US Department of Agriculture pegged
the Kansas hard red winter wheat harvest
at 95% completed by July 30 (87% a week earlier,
99% as the five-year average). The state's
last remaining fields were being cut " down
toward the Oklahoma border, primarily so
they could report numbers to crop insurance, "
a terminal manager near Wichita told
Kansas Wheat in its final harvest report.
Hard red winter wheat harvest continued
north and west of Kansas with completion
by July 30 at 81% in Colorado (48% a week earlier,
95% as the 2018-22 average for the date),
72% in Nebraska (43%, 86%), 74% in South
Dakota (46%, 70%) and 21% in Montana (2%,
24%). The harvest was previously completed
in Texas and Oklahoma.
Plains Grains Inc., on the basis of 319
samples from Texas, Oklahoma and Kansas
analyzed out of an expected 520 across the
growing area, said the crop was averaging
bakingbusiness.com
Ordinary
11%
12%
13%
14.5%
15%
16%
17%
NO. 1 HARD SPRING
- Change from -
Premium
. . .
. . .
. . .
80
100
100
. . .
. . .
. . .
July 28
. . .
. . .
. . .
+10
July 21
. . .
. . .
. . .
. . .
13.5% 100 @ 105 +25 @ +30 -10 @ -5
14%
. . .
. . .
. . .
. . .
+35 @ -20 +25 @ -10
+10
. . .
. . .
. . .
Year
ago
. . .
. . .
80
. . .
. . .
160 @ 185
125 @ 130
135 @ 200
. . .
. . .
Basis Minneapolis Sept., delivered Chicago\beyond cents per bu
For shipment
GULF EXPORT BIDS AND OFFERS
Offer
Aug. 4
Bid
No. 1 Hard 12%, Track Gulf
August
+105 Sep.
+140 Dec.
September +105 Sep.
October
November +140 Dec.
August
+45 Sep.
+80 Dec.
+115
+115
+150
+150
Basis Kansas City future, cents per bu
No. 2 Soft Red, c.i.f. New Orleans
September +55 Sep.
October
November +95 Dec.
Basis Chicago future, cents per bu
12.9% protein (compared with 13% in 2022),
29.9 grams in thousand kernel weight (31.4
grams), 367 seconds in falling number (361
seconds), 59.8 lbs per bu in test weight (61
lbs). The average grade was No. 2 hard red
winter versus No. 1 as the 2022 average.
Salina wheat bids nearby were 15¢
under KC September. Hutchinson wheat
bids nearby were 15¢ under KC September.
Wichita elevator bids through August
were 15¢ under KC September. Gulf bids on
12%-protein hard red winter wheat through
September were 105¢ over KC September;
October-December, 140¢ over KC December.
HARD SPRING. Premiums on milling quality
hard red spring wheat in Minneapolis
were 35¢ a bu higher to 20¢ lower last week.
On the heels of a wheat quality tour during
which scouts reported an average North
Dakota crop mostly in good shape, the USDA
on July 31 downgraded its good-excellent
ratings there to 44% from 54% a week earlier
and yanked Minnesota's percentage of
good-excellent down to 54% from 74% the
week before. Ratings were mostly steady
elsewhere: 28% in South Dakota (29% a week
earlier), 35% in Montana (35%), 63% in Idaho
(63%) and 36% in Washington (40%).
The US crop in the six states was pegged at
42% good-to-excellent condition (49% a week
earlier, 70% a year ago), 42% fair and 16% poor
to very poor.
Spring wheat harvest (2% completed by July
+55
+65
+90
+105
+70 Sep.
+85 Sep.
+70 Dec.
+80 Dec.
For shipment
Year ago
Bid
+160 Sep.
+160 Sep.
+175 Dec.
+175 Dec.
70
120
170
220
270
AN FM
PACIFIC NORTHWEST
Aug. 4
Bid
September
October
$ per bu
No. 1 Hard 11.5%, Track, Portland
August
September
October
September
October
0.65
0.65
0.50
Basis Kansas City future, $ per bu
No. 1 Spring 14%, Track, Portland
August
0.80
0.95
1.00
Basis Minneapolis future, $ per bu
30 compared with 3% a year ago and 5% as the
recent five-year average) was in full swing in
South Dakota (21%, 24%, 26%) and Washington
(12%, 1%, 11%) but still in its infancy in Minnesota,
Montana and Idaho and was yet to
begin in North Dakota. Harvest could begin
this week in North Dakota spring wheat fields
seeded earliest this year, said the North Dakota
Wheat Commission in an Aug. 1 report. Producer
contacts told the NDWC the crop is holding
its own despite less-than-ideal weather
conditions, but indicated some below average
and near average yields were expected,
" highly dependent on planting date. "
SOFT RED. Soft wheat mill bids were
unchanged. St. Louis-area mill had no nearby
bid; October, 60¢ under Chicago December;
December, 10¢ over December; January, 3¢
over March. Toledo mill bids through September
were 30¢ under Chicago September; October-
December, 20¢ under December; Toledo
elevator nearby bid was 38¢ under Chicago
September. Cincinnati elevator nearby bid
was 50¢ under Chicago September. Michigan
soft white winter wheat mill bids were 10¢ over
Chicago September; soft red winter wheat mill
bids were 20¢ under Chicago September. Gulf
bids on soft red winter wheat for August were
45¢ over Chicago September; September, 55¢
over September; October, 80¢ over December.
The winter wheat harvest was complete in
the Central states except in Michigan at 62%
as of July 30. MBN
MILLING & BAKING NEWS 35
+.10
+.25
+.15
+.20
+.35
+.15
1.05
1.05
1.25
-
-.10
-.40
+.30
+.30
-.10
1.60
1.60
1.60
7.00
7.10
7.10
July 28
No. 1 Soft White, Track, Portland
August
-.35
-.55
-.55
- Change from -
July 21
-.65
-.55
-.55
Year
ago
9.25
9.25
9.20
NO. 1 HARD WINTER PREMIUM, 12.2%
basis Kansas City, cents per bu
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Milling & Baking News - August 8, 2023

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