Milling & Baking News - September 26, 2017 - 37

X
Cash Wheat
HARD WINTER. Premiums on hard red
winter wheat in Kansas City were 3c a bu
higher to 15c lower last week. The sole
gain was posted at 11.4% protein. The basis across the top two-thirds of the protein
scale dropped 5c to 15c, and premiums on
11.8% protein declined 10c. The basis across
the rest of the protein scale was unchanged.
The setbacks sustained in the cash hard
winter wheat basis were the first of significance in several weeks. The basis had been
on an upward trend since the beginning of
August. The high end of the protein scale
was said to have been pressured by the
relatively weak tone of the cash hard red
spring wheat basis below 14% protein.
Mill demand was constrained in view of
receipt of shipments for application against
last-half September wheat contracts, but
elevators, seeking to clear space for the fall
crops, continued to load wheat, which finally brought pressure to bear on the basis.
Business in to-arrive wheat was lacking,
at least beyond remainder of September.
Wheat offers for October-December were
viewed as too high, but elevators were reluctant to lower them out of concern about
escalating rail car values in the secondary
market. These were sharply higher for October because of demand being placed by
the need to transport row crops, whose harvest was expanding across Plains states.
The U.S. Department of Agriculture
in its weekly Crop Progress report indicated winter wheat planting by Sept.
17 was 7% completed in Kansas (8% as
the recent five-year average for the date),
11% in Oklahoma (12%), 14% in Texas
(14%), 23% in Nebraska (34%), 23% in
Colorado (29%), 30% in South Dakota
(24%) and 16% in Montana (26%).
With the fall crop harvest expanding
across the Great Plains, many producers
and elevators increasingly were occupied
with combining, hauling, storing and

No. 1 hard winter
Basis Kansas City Dec., cents per bu
Sept. 22 - Change from - Year
Premium Sept. 15 Sept. 8
ago
Ordinary -10@ 5
-
-
-30 @ -20
11%
60@ 75
-
+10 @ +10 20 @ 30
11.2% 79@ 94
-
+13 @ +13 20 @ 30
11.4% 105@ 120 +3 @ +3 +13 @ +13 20 @ 30
11.6% 115@ 130
-
-
27 @ 37
11.8% 120@ 135 -10 @ -10
-
32 @ 42
12%
125@ 140 -15 @ -15 -6 @ -6 40 @ 50
12.2% 125@ 140 -15 @ -15 -6 @ -6 42 @ 52
12.4% 135@ 150 -10 @ -10 -10 @ -10 42 @ 52
12.6% 155@ 170 -10 @ -10
-
59 @ 69
12.8% 155@ 170 -10 @ -10 -5 @ -5 72 @ 82
13%
190@ 205 -15 @ -15 -15 @ -15 105 @ 115
13.2% 190@ 205 -15 @ -15 -15 @ -15 105 @ 115
13.4% 190@ 205 -15 @ -15 -15 @ -15 105 @ 115
13.6% 190@ 205 -15 @ -15 -15 @ -15 125 @ 135
13.8% 190@ 205 -15 @ -15 -15 @ -15 125 @ 135
14%
240@ 255 -15 @ -15 -21 @ -21 125 @ 135
bakingbusiness.com / world-grain.com

shipping corn, sorghum and soybeans. In
the case of Kansas, the corn harvest was
19% completed by Sept. 17 compared
with 24% as the recent five-year average
for the date, according to the U.S.D.A.
The sorghum harvest in the state was 4%
completed versus 4% as the average, and
soybeans were 1% harvested on par with
the average of 1%.
Hard red winter wheat country was
forecast to receive rain, which may slow
wheat planting but was needed to help
replenish soil moisture, which should
help get the crop off to a good start.
Salina truck bids at terminal elevators
were 100c under K.C. December. Gulf
bids on 12%-protein hard red winter
wheat were 170c over K.C. December,
unchanged, with offers at 190c over.
HARD SPRING. Premiums on hard red
spring wheat in Minneapolis advanced
5@26c a bu last week. The bounce seen in
the basis from recent declines reflected a
gradual slowing in wheat shipments into
spot marketing channels as the country
began to turn its attention toward the fall
crop harvest, which was under way.
The slowing in wheat movement was
expected and even welcomed, as mills
had difficulty absorbing all the wheat
offered in the previous few weeks. Most
mills were said to have wheat ownership adequate to carry them comfortably
through the first three weeks of October.
Statistics Canada on Sept. 19, in its annual model-based field crop estimates, estimated Canadian spring wheat production

at 20,075,900 tonnes, up from 18,899,000
tonnes as its previous estimate but down
2% from 20,453,800 tonnes in 2016. Agriculture and Agri-Food Canada on Sept. 15
in its latest supply-and-demand forecasts
indicated western red spring wheat production would account for 74% of all wheat
produced in Canada in 2017 compared
with 70% of all wheat in 2016.
Saskatchewan Agriculture indicated
the spring wheat harvest in the province
was 76% completed by Sept. 18.
SOFT RED. Mills braced for what often
is a marked reduction in wheat movement as the fall crop harvest begins to
expand into the key Central states. Most
mills have built up adequate inventories.
St. Louis-area mill bids for nearby
were 10c under Chicago December to 10c
over. Chicago mill bids for nearby were
the Chicago December. Toledo mill bids
for September were 20c over Chicago
December; October, 20c over December.
Elevator bids were 20c under Chicago
December. Cincinnati elevator bids were
10c over Chicago December. Michigan
white wheat mill bids were 20@25c over
Chicago December; soft red bids were
Chicago December price to 5c over. Gulf
bids on soft red winter wheat for nearby
were 50c over Chicago December.
The U.S. Department of Agriculture
indicated that winter wheat planting
by Sept. 17 was 1% completed in Missouri (1% as the five-year average for the
date), 2% in Indiana (2%), 1% in Ohio
(1%) and 2% in Michigan (5%).MBN

No. 1 hard spring

No. 1 hard winter premiums, 12.2%

Basis Minneapolis Dec., delivered Chicago\beyond cents
per bu
Sept. 22 - Change from -
Year
Premium Sept. 15
Sept. 8
ago
Ordinary
...
...
...
...
11%
...
...
...
...
12%
...
...
...
...
13%
40
...
...
40 @ 45
13.5%
45 @ 50
+5 @ +5 -20 @ -20
50
14%
80
+25 @ +15
0 @ -5
65
14.5%
90
+20
-
...
15%
110 @ 150 +10 @ +26 +10 @ +30 100 @ 125
16%
...
...
...
125
17%
...
...
...
...

Exporter bids and offers
For
shipment

Sept. 22
Bid

Ingredient Week

Offer

No. 1 Hard 12%, Track Gulf
Basis Kansas City future, cents per bu
September
+170 Dec.
190
October
+190 Dec.
195
November
+190 Dec.
195
December
+190 Dec.
195
No. 2 Soft Red, c.i.f. New Orleans
Basis Chicago future, cents per bu
September
+50 Dec.
55
October
+55 Dec.
60
November
+55 Dec.
61
December
+55 Dec.
65

Year ago
bid

...
+107 Dec.
+106 Dec.
+106 Dec.

+25 Dec.
+35 Dec.
+45 Dec.
+45 Dec.

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

D

M

J

Cash wheat
Sept. 22 - Change from -
For shipment
Bid Sept. 15 Sept. 8
No. 1 Soft White, Track, Portland
$ per bu
September
5.36
+.11
+.10
October
5.42
+.15
+.16
November
5.48
+.18
+.17
No. 1 Hard 11.5%, Track, Portland
Basis Kansas City future, $ per bu
September
1.30
-
+.35
October
1.30
-
+.30
November
1.35
-
+.35
No. 1 Spring 14%, Track, Portland
Basis Minneapolis future, $ per bu
September
0.90
-
-
October
1.10
-
-
November
1.10
-
-

Year
ago
4.76
4.82
4.90
0.90
0.95
0.95
1.25
1.25
1.20

Milling & Baking News XSeptember 26, 2017 / 37
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Milling & Baking News - September 26, 2017

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