Milling & Baking News - April 15, 2014 - 39


Cash Wheat
HARD WINTER. Premiums on hard red
winter wheat in Kansas City advanced
15@25c a bu last week with the widest
gains posted across the top third of the
protein scale. The cash basis had declined
the previous two weeks, but while some
noted a slight improvement in rail
logistics, it was evident railroads had a
long way to go before they approached
being current with shipping obligations
This was reflected in the cash market last
week as Gulf export elevators and West
coast mills competed with local buyers
for limited offers, which gave the wheat
basis a boost. Cash hard winter wheat
premiums remained historically high.
Late-week advances across the top
third of the protein scale erased, at least
temporarily, the inverse in the cash hard
winter wheat basis that has persisted for
most of the marketing year.
Farmer selling of wheat was limited.
Producers were fairly aggressive sellers
a few weeks ago both of their remaining
old crop supply and of a portion of the
anticipated 2014 production. Unless
prices strengthen considerably in the
next few weeks, it was thought growers
may ration their sales until their new
crop's prospects become clearer.
The U.S. Department of Agriculture
on April 9 forecast the carryover of hard
red winter wheat on June 1, 2014, at 193
million bus, up 12 million bus from the
March projection but down 44% from
343 million bus in 2013.
The U.S.D.A. on April 8 issued its first
composite Crop Progress report of the
season. Hard red winter wheat condition
ratings slipped in most states from
the fall and were similar to the subpar
ratings of the 2013 crop a year ago. Winter
wheat rated good to excellent as of April
6 was 29% in Kansas (44% fair), 15% in
Oklahoma (48% poor to very poor), 13%

No. 1 hard winter
Basis Kansas City May, cents per bu
Apr. 11 - Change from -
Premium Apr. 4 Mar. 28
Ordinary 130@ 140 +15 @ +15 +5 @ +5
11%
130@ 140 +15 @ +15 +5 @ +5
11.2% 130@ 140 +15 @ +15 +5 @ +5
11.4% 130@ 140 +15 @ +15 -2 @ -2
11.6% 130@ 140 +15 @ +15 -8 @ -8
11.8% 130@ 140 +15 @ +15 -8 @ -8
12%
130@ 140 +15 @ +15 -8 @ -8
12.2% 130@ 140 +15 @ +15 -8 @ -8
12.4% 130@ 140 +15 @ +15 -8 @ -8
12.6% 130@ 140 +15 @ +15 -6 @ -6
12.8% 130@ 140 +15 @ +15 -6 @ -6
13%
135@ 145 +25 @ +25 +5 @ +5
13.2% 135@ 145 +25 @ +25 +5 @ +5
13.4% 135@ 145 +25 @ +25 +5 @ +5
13.6% 135@ 145 +25 @ +25 +5 @ +5
13.8% 135@ 145 +25 @ +25 +5 @ +5
14%
135@ 145 +20 @ +20
-
bakingbusiness.com / world-grain.com

Year
ago
65 @ 80
77 @ 92
80 @ 95
80 @ 95
95 @ 110
95 @ 110
95 @ 110
95 @ 110
110 @ 125
110 @ 125
110 @ 125
115 @ 130
115 @ 130
120 @ 135
125 @ 140
135 @ 150
145 @ 160

in Texas (61% poor to very poor), 56% in
Nebraska (31% fair), 35% in Colorado
(33% poor to very poor), 65% in South
Dakota (32% fair) and 64% in Montana
(31% fair). Drought conditions prevailed
across most western areas of the hard
winter wheat belt.
Fourteen per cent of the Kansas crop
was jointed by April 6 compared with
21% last year and 32% as the recent fiveyear average for the date. Colorado's
crop was 4% jointed. The Oklahoma
crop was 52% jointed compared with
58% at the same time in 2013 and 76% as
the five-year average. In Texas, 9% of the
crop was headed compared with 13% in
2013 and 18% as the five-year average.
HARD SPRING. Premiums on hard
red spring wheat quoted as delivered
Chicago/beyond values in relation to the
Minneapolis May wheat future posted
mixed changes, mostly lower, after
dropping sharply during the previous
week. There was some improvement
in rail logistics, but railroads remained
behind
schedule
in
completing
shipments. The market has adjusted the
best it could during an extended period
of poor railroad performance.
Farmer selling of spring wheat was
limited. Growers' attention increasingly
was directed toward preparing for
spring planting. The North Dakota
U.S.D.A. field office forecast April 26 as
the average fieldwork start date.
The U.S.D.A. on April 9 raised its
forecast for the 2014 hard red spring

wheat carryover by 15 million bus, to 189
million bus.
SOFT RED. Mill bids on soft red winter
wheat were mostly unchanged. St. Louis
mill bids on No. 1 soft red winter wheat
for nearby were 30c over Chicago May,
unchanged. Chicago mill bids for nearby
were 25c over Chicago May, unchanged;
new crop, 15c under July. Toledo mill
bids for nearby were 20c over Chicago
May, unchanged; new crop, 10c over July.
Elevator bids were the Chicago May price;
new crop, Chicago July price. Cincinnati
mill bids were 10c over Chicago May,
unchanged; new crop, 10c under July.
Elevator bids were 5c under Chicago May;
new crop, 20c under July. Mill bids in the
eastern Corn Belt, Southeast and East were
much stronger as subpar wheat quality
in the areas forced wheat buyers to reach
out to the west to draw supply. Michigan
white wheat mill bids were the Chicago
May price to 50c over, unchanged; new
crop, Chicago July price to 25c over. Gulf
bids on soft red winter wheat for April
were 65c over Chicago May, down 5c.
Winter wheat rated good to excellent
by the U.S.D.A. as of April 6 was 57%
in Arkansas (37% fair), 42% in Missouri
(47% fair), 50% in Illinois (40% fair), 59%
in Indiana (33% fair), 45% in Ohio (43%
fair), 58% in Michigan (29% fair) and
62% in North Carolina (31% fair).
The U.S.D.A. on April 9 lowered its
forecast for the 2014 soft red winter
wheat carryover by 2 million bus from
its March forecast, to 125 million bus. MBN

No. 1 hard spring

No. 1 hard winter premiums, 12.2%

Basis Minneapolis May, delivered Chicago\beyond cents
per bu
Apr. 11 - Change from -
Year
Premium Apr. 4 Mar. 28
ago
Ordinary
...
...
...
...
11%
...
...
...
...
12%
75 @ 110 -10 @ +25 -50 @ -15
...
13%
90 @ 110 -10 @ -15 -10 @ -20
90
13.5%
...
...
...
...
14%
135 @ 160
-5 @ -5 -30 @ -37
...
14.5%
...
...
...
...
15%
165 @ 180
0 @ -20 -85 @ -70
...
16%
...
...
...
...
17%
...
...
...
...

Exporter bids and offers
For
shipment

Apr. 11
Bid

Ingredient Week

Offer

No. 1 Hard 12%, Track Gulf
Basis Kansas City future, cents per bu
April
... May
...
May
... May
155
June
... July
145
July
... July
145
No. 2 Soft Red, c.i.f. New Orleans
Basis Chicago future, cents per bu
April
+65 May
75
May
+65 May
...
June
+42 July
46
July
+42 July
46

Year ago
bid

+128 May
+128 May
+118 July
+118 July

+63 May
+60 May
+53 July
+50 July

Basis Kansas City, cents per bu
180
160
140
120
100

Cash wheat
Apr. 11 - Change from -
For shipment
Bid Apr. 4
Mar. 28
No. 1 Soft White, Track, Portland
$ per bu
February
7.60
-.20
-.25
May
7.60
-.20
-.25
June
7.60
-.20
-.25
No. 1 Hard 11.5%, Track, Portland
Basis Kansas City future, $ per bu
February
1.20
-.05
-.05
May
1.10
-.05
-.15
June
1.00
-.05
-.10
No. 1 Spring 14%, Track, Portland
Basis Minneapolis future, $ per bu
February
1.50
-
-.60
May
1.50
-
-.20
June
1.40
+.10
+.50

Year
ago
...
7.95
...
1.45
1.30
1.20
1.25
1.25
1.30

Milling & Baking News April 15, 2014 / 39
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Milling & Baking News - April 15, 2014

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