Milling & Baking News - January 11, 2011 - 39


Cash Wheat
HARD WINTER. Premiums on hard
red winter wheat in Kansas City were
30c a bu higher to 4c lower last week.
Wide gains were registered across the
top third of the protein scale. Offers of
high-protein wheat have been sparse
all season because of the relatively low
average protein of the 2010 crop. Recent
mill demand for high-protein hard
winter wheat expanded partly because
of delayed shipments of spring wheat.
High-protein hard winter wheat was
sought as a substitute for spring wheat
at some locations.
With the exception of wheat across the
top third of the protein scale, adjustments
to the basis were scattered and minor.
Low-protein hard winter found few
friends. Mill demand for such wheat was
shallow. Low-protein wheat was diverted
to the barge market in St. Louis.
Hard winter wheat movement faced
few impediments, and rail car offers at
most protein levels satisfied demand.
Mills received wheat for application
against January contracts.
There seemed to be little fresh business
in the market for to-arrive wheat with
most mills having purchased most of
their requirements for January-March.
Weather remained a concern in western
sections of the hard winter wheat belt,
where scattered precipitation during the
previous weekend was welcomed but far
from sufficient, or widespread enough,
to recharge moisture across parched
areas of Kansas and eastern Colorado. A
meteorologist addressing members of the
Kansas City Board of Trade forecast snow
to fall across most of the Southwest Jan.
8-10 and indicated eastern Colorado and
western Kansas may receive 4 to 8 inches
of snow. A blast of arctic air was expected
to invade the region shortly thereafter,
but the snow may protect the crop.

No. 1 hard winter
Basis Kansas City March, cents per bu
Jan. 7 - Change from -
Premium Dec. 31 Dec. 23
Ordinary -52 @ -37 -2 @ -2
-2 @ -2
11%
-44 @ -29 -3 @ -3
-1 @ -1
11.2% -42 @ -27 -4 @ -4
-2 @ -2
11.4% -38 @ -23 -3 @ -3
-3 @ -3
11.6% -30 @ -15
-
-
11.8% -13 @ 2
+7 @ +7
+7 @ +7
12%
-3 @ 12 +1 @ +1
+1 @ +1
12.2%
-3 @ 12
-
-
12.4%
0 @ 15
-
-
12.6%
0 @ 15
-
-
12.8%
5 @ 20
-
-
13%
55 @ 70 +20 @ +20 +30 @ +30
13.2%
60 @ 75 +25 @ +25 +30 @ +30
13.4%
65 @ 80 +30 @ +30 +35 @ +35
13.6%
70 @ 85 +20 @ +20 +35 @ +35
13.8%
75 @ 90 +25 @ +25 +40 @ +40
14%
80 @ 95 +30 @ +30 +45 @ +45
bakingbusiness.com / world-grain.com

Year
ago
-31 @ -16
-25 @ -10
-16 @ -1
3 @ 18
3 @ 18
3 @ 18
13 @ 28
13 @ 28
13 @ 28
21 @ 36
24 @ 39
26 @ 41
31 @ 46
43 @ 58
65 @ 80
65 @ 80
65 @ 80

Kansas hard winter wheat condition
on Dec. 31 was rated 2% excellent, 25%
good, 40% fair, 22% poor and 11% very
poor, according to Kansas Agricultural
Statistics. "The lack of snow cover on
wheat fields and the dry soil conditions
have some producers concerned that
their winter wheat crop is vulnerable
to wind and freeze damage," KAS said.
Oklahoma wheat was rated 37% good to
excellent, 44% fair and 19% poor to very
poor. Nebraska wheat was 42% good to
excellent, 44% fair and 14% poor to very
poor. South Dakota wheat was rated 64%
good to excellent, 34% fair and 2% poor
with snow cover across most of state.
Montana wheat was 72% good to excellent
with snow cover 79% good to excellent.
HARD SPRING. Premiums on hard
red spring wheat quoted as delivered
Chicago/beyond values in relation to
the Minneapolis March wheat future
were 45c a bu higher to 90c lower last
week. The widest losses were posted at
15% protein. The basis across the rest
of the protein scale was firm to sharply
higher through most of the week, but
advances were trimmed at the week's
end. Railroads seemed to be falling even
further behind schedule in placing rail
cars and completing wheat shipments
mostly because of bitter winter weather.
No relief was in sight with forecasts
calling for another winter storm and
plunging temperatures for Jan. 8-10.
Farmer selling was light. Most
producers were bullish and inclined

to hold their remaining wheat a while
longer. Also, the wintry weather made it
difficult to move wheat off the farm in the
event some producers did wish to sell.
SOFT RED. Mill bids on soft red winter
wheat were firm. In Kansas City, No.
1 soft red bids were unchanged at 56c
under K.C. March to 34c over. Gulf bids
on soft red for nearby declined 10c, to 60c
over Chicago March. St. Louis mill bids
held at 15c over Chicago March. Chicago
mill bids were unchanged at 30c under
Chicago March; new crop, 70c under July.
Mill bids in Toledo for nearby advanced
10c, to 20c under Chicago March; AprilMay, 30c under May; new crop, 70c
under July. Elevator bids were 40c under
Chicago March, deferred pricing only;
new crop, 80c under July. Cincinnati
nearby mill bids were unquoted; new
crop, 35c under Chicago July. Elevator
bids for nearby were 22c under Chicago
March, new crop, 40c under July.
Michigan white wheat mill bids were 10c
under Chicago March to 20c over; new
crop, 50c under July.
U.S. Department of Agriculture field
offices in Illinois, Georgia and North
Carolina provided updated winter
wheat condition ratings as of Dec. 31.
Illinois wheat was rated 42% good to
excellent, 42% fair and 16% poor to very
poor. Georgia wheat was rated 47% good
to excellent, 43% fair and 10% poor.
North Carolina wheat was rated 67%
good to excellent, 29% fair and 4% poor
to very poor. MBN

No. 1 hard spring

Cash wheat

Basis Minneapolis March, delivered Chicago\beyond cents
per bu
Jan. 7 - Change from -
Year
Premium Dec. 31
Dec. 23
ago
Ordinary
...
...
...
...
11%
...
...
...
...
12%
-30
+10 @ -30
0 @ -20 -20 @ -15
13%
25
+10 @ 0
+18 @ -25 32 @ 60
13.5%
80 @ 90 +15 @ -20 +15 @ -20 75 @ 135
14%
148 @ 220 -2 @ +40 +23 @ +85
175
14.5%
240
+45 @ +30 +60 @ +45
...
15%
310 @ 400 -90 @ -25
0 @ +90
370
16%
...
...
...
...
17%
...
...
...
...

Exporter bids and offers
For
Jan. 7
shipment
Bid
Offer
No. 1 Hard 12%, Track Gulf
Basis Kansas City future, cents per bu
January
... March
58
February
...
...
March
...
...
April
... May
63
No. 2 Soft Red, c.i.f. New Orleans
Basis Chicago future, cents per bu
January
+60 March
70
February
+62 March
72
March
+68 March
72
April
+35 May
...

Ingredient Week

Year ago
bid

+60
+60
+55
+48

March
March
March
May

+20
+20
+20
+15

March
March
March
May

Jan. 7 - Change from -
For shipment
Bid
Dec. 31 Dec. 23
No. 1 Soft White, Track, Portland
$ per bu
January
...
...
...
February
7.60
+.10
+.10
March
7.60
+.20
+.20
No. 1 Hard 11.5%, Track, Portland
Basis Kansas City future, $ per bu
January
-0.20
...
...
February
-0.10
-.10
-.10
March
...
...
...
No. 1 Spring 14%, Track, Portland
Basis Minneapolis future, $ per bu
January
1.60
...
...
February
1.60
+.10
+.10
March
1.60
+.10
+.10

Year
ago
...
5.10
5.12
...
0.20
0.30

...
1.35
1.40

Canadian domestic milling wheat
In-store, Thunder Bay,
Canadian $ per tonne
Western red spring 13.5%
Soft white spring
Amber durum
U.S. $ per bu
Western red spring 13.5%
Soft white spring
Amber durum

Jan. 7
381.71
302.96
386.91
10.46
8.30
10.60

Change from Year
Dec. 31
ago
+2.50
264.15
-11.05
218.54
+8.25
233.75
0.08
-0.29
0.24

6.95
5.75
6.15

Milling & Baking News January 11, 2011 / 39
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Milling & Baking News - January 11, 2011

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