Milling & Baking News - August 15, 2017 - 33

X
Cash Wheat
HARD WINTER. Premiums on hard
red winter wheat in Kansas City were
unchanged to 20c a bu higher last week.
Advances were registered across the top
two-thirds of the protein scale except at
12.6% protein, which was unchanged.
Scattered gains were scored across the
bottom third of the protein scale with the
widest advance, 18c, at 11.4% protein.
The strength in the Kansas City basis
mostly was the result of sharply higher
bids on hard red winter wheat from several other points, in particular, from intermountain and West coast mills. Hard
winter wheat also was trading across the
Chicago gateway at much wider-thanusual premiums to the K.C. cash wheat
basis. Gulf export bids also have firmed.
Most area mill pipelines seemed to be
adequate, but demand emerged later in
the week to fill gaps in coverage.
One merchandiser indicated some
hard winter wheat with 11.5% protein
traded for delivery in October-December. But for most, the span between bids
and offers remained too wide to bridge.
In states where the hard red winter
wheat harvest was yet to be completed by
Aug. 6, combining was 98% completed in
Colorado (98% as the recent five-year average for the date), 92% in South Dakota
(80%) and 88% in Montana (57%).
The U.S. Department of Agriculture in
its August Crop Production report estimated hard red winter wheat production
this year at 758,372,000 bus, up 851,000
bus from the July projection but down
323,318,000 bus, or 30%, from 1,081,690,00
bus in 2016. In two of the of previous five
years, there were hard red winter wheat
crops smaller than that harvested this year.
The recent five-year average hard red winter wheat outturn was 879 million bus.
Salina truck bids at terminal elevators were 100c under K.C. September.

No. 1 hard winter
Basis Kansas City Sept., cents per bu
Aug. 11 - Change from -
Premium Aug. 4
July 28
Ordinary 7@ 17
-
-
11%
20@ 30
-
-35@ -35
11.2% 35@ 45 +5@ +5 -25@ -25
11.4% 63@ 73 +18@ +18 +3@ +3
11.6% 67@ 77
-
+2@ +2
11.8% 75@ 85 +8@ +8 +5@ +5
12%
80@ 90 +5@ +5 +5@ +5
12.2% 84@ 94 +9@ +9 +9@ +9
12.4% 84@ 94 +4@ +4 +9@ +9
12.6% 90@ 100
-
-
12.8% 130@ 140 +20@ +20 +20@ +20
13% 180@ 190 +15@ +15 +15@ +15
13.2% 180@ 190 +15@ +15 +15@ +15
13.4% 180@ 190 +10@ +10 +10@ +10
13.6% 180@ 190 +10@ +10 +10@ +10
13.8% 180@ 190 +10@ +10 +10@ +10
14% 190@ 200 +10@ +10 +10@ +10
bakingbusiness.com / world-grain.com

Year
ago
-25 @ -15
0 @ 10
16 @ 26
25 @ 35
30 @ 40
35 @ 45
47 @ 57
47 @ 57
47 @ 57
50 @ 60
84 @ 94
120 @ 130
120 @ 130
120 @ 130
120 @ 130
120 @ 130
120 @ 130

Hutchinson wheat bids were 95c under K.C. September. The highest posted
Wichita elevator bid was 88c under K.C.
September. Gulf bids on 12%-protein
hard red winter wheat for August were
155c over K.C. September, up 15c.
HARD SPRING. Premiums on hard
red spring wheat in Minneapolis were
unchanged to 40c a bu higher last week.
Wheat receipts in Minneapolis were light
until the week's end, in contrast to the
brisk pace of movement seen during the
previous few weeks. Growers and country elevators were engaged in harvesting,
hauling and storing spring wheat and
spared little time to selling wheat.
The U.S.D.A. in its weekly Crop Progress report indicated 24% of the otherspring wheat crop in the six key states
was harvested by Aug. 6 compared with
9% a week earlier and 21% as the recent
five-year average for the date. Combining was 16% completed in North Dakota
(17% as the average), 65% in South Dakota (45%), 9% in Minnesota (29%), 33%
in Montana (11%), 12% in Idaho (20%)
and 17% in Washington (30%). Spring
wheat condition in the six states was rated 32% good to excellent, 25% fair and
43% poor to very poor, a slight improvement from a week earlier. North Dakota
wheat condition was 33% good to excellent, 27% fair and 40% poor to very poor.
The spring wheat region featured large
contrasts. In the east, yields were average
to above normal with Minnesota expected to see record yields. In the west, fields

thinned and yields were low with some
wheat baled for hay. Protein was high in
drought areas and around 14% in the east.
The U.S.D.A. forecast hard red spring
wheat production at 364,210,000 bus, down
20,898,000 bus, or 5%, from the July projection and down 128,915,000 bus, or 26%,
from 493,125,000 bus in 2016. It would be
the smallest hard red spring wheat crop
since 2002 and compared with 522 million
bus as the recent average outturn.
SOFT RED. The U.S.D.A. estimated the
soft red winter wheat crop this year at
306,118,000 bus, up 481,000 bus from
the July projection but down 11% from
345,230,000 bus in 2016. It was the smallest
soft red winter crop since 2010 and compared with 428 million bus as the recent
five-year average. Soft white winter wheat
production was estimated at 203,836,000
bus, up 3% from the July projection but
down 7% from 219,136,000 bus in 2016.
St. Louis-area mill bids for nearby were
10c under Chicago September to 15c over.
Chicago mill bids for nearby were 10c under Chicago September. Toledo mill bids
for August-September were 10c over Chicago September; last-half October, 5c over
Chicago December. Elevator bids were 5c
under Chicago September. Cincinnati
elevator bids were 10c over Chicago September. Michigan white wheat mill bids
were 10@25c over Chicago September;
soft red bids were 10c under September
to 10c over. Gulf bids on soft red winter
wheat for nearby were 34c over Chicago
September, down 2c. MBN

No. 1 hard spring

No. 1 hard winter premiums, 12.2%

Basis Minneapolis Sept., delivered Chicago\beyond cents
per bu Aug. 11
- Change from -
Year
Premium
Aug. 4
July 28
ago
Ordinary . . .
...
...
...
11%
...
...
...
...
12%
...
...
...
...
13%
65
...
...
...
13.5%
70
+6
+15
65 @ 85
14%
70 @ 80 +40 @ 0
+15 @ -20 90 @ 105
14.5%
80 @ 90 +30 @ +30 +5 @ +15
105
15%
95 @ 120 +10 @ 0
-45 @ -20 130 @ 150
16%
...
...
...
...
17%
...
...
...
...

Exporter bids and offers
For
shipment

Aug. 11
Bid

Ingredient Week

Offer

No. 1 Hard 12%, Track Gulf
Basis Kansas City future, cents per bu
August
+155 Sept.
162
September
+157 Sept.
167
October
+155 Dec.
165
November
+155 Dec.
165
No. 2 Soft Red, c.i.f. New Orleans
Basis Chicago future, cents per bu
August
+34 Sept.
40
September
+52 Sept.
58
October
+50 Dec.
55
November
+50 Dec.
55

Year ago
bid

+100 Sept.
+115 Sept.
+118 Dec.
+118 Dec.

+30 Sept.
+45 Sept.
+40 Dec.
+60 Dec.

Basis Kansas City, cents per bu
180
140
100
60
20
A

N

F

M

Cash wheat
Aug. 11 - Change from -
For shipment
Bid Aug. 4 July 28
No. 1 Soft White, Track, Portland
$ per bu
August
5.50
+.25
+.20
September
5.50
+.20
+.15
October
5.50
+.15
+.05
No. 1 Hard 11.5%, Track, Portland
Basis Kansas City future, $ per bu
August
1.00
-
+.05
September
1.05
-
+.10
October
0.85
-
-.05
No. 1 Spring 14%, Track, Portland
Basis Minneapolis future, $ per bu
August
0.80
-.10
+.05
September
0.90
-.10
+.15
October
1.10
-.10
-

Year
ago
5.06
5.12
5.15
1.10
1.15
1.10
1.00
1.15
1.20

Milling & Baking News XAugust 15, 2017 / 33
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Milling & Baking News - August 15, 2017

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