Milling & Baking News - October 29, 2013 - 35


Cash Wheat
HARD WINTER. Premiums on hard red
winter wheat in Kansas City surged 5@27c
a bu last week. Adjustments restored an
inverse in the cash wheat basis with highprotein wheat quoted at a 5c discount to
middle-protein wheat. The value spread
between ordinary wheat and 14%-protein
wheat narrowed to 25c a bu. The cash
basis remained historically strong but
no longer was the highest for the date
in the past five years. At 135c over K.C.
December, the basis on 12%-protein
wheat in Kansas City compared with 100c
over in 2012, 141c in 2011, 12c in 2010, 34c
in 2009 and 63c in 2008.
Wheat movement was constrained by
the demand the fall crop harvest placed
on producers, elevators and truck and
rail transport. Mills whose pipelines
were wearing thin or who realized
welcome but unexpected demand for
their flour hiked bids in the hope of
securing some of what little wheat was
offered. Export bids on hard red winter
wheat also were firm, which helped
underpin domestic values.
Business in the market for to-arrive
wheat remained mostly quiet with
deferred basis levels also on the rise,
largely because of expected tightness in
freight for November-December.
In its first Crop Progress report
in October, the U.S. Department of
Agriculture indicated that as of Oct.
20, winter wheat planting was 87%
completed in Kansas (85% as the recent
five-year average for the date), 84% in
Oklahoma (80%), 69% in Texas (72%),
96% in Nebraska (97%), 95% in Colorado
(97%), 93% in South Dakota (91%) and 90%
in Montana (90%). Wheat emergence was
61% in Kansas (60% as the average), 61%
in Oklahoma (57%), 42% in Texas (46%),
73% in Nebraska (80%), 73% in Colorado
(78%), 62% in South Dakota (64%) and

No. 1 hard winter
Basis Kansas City Dec., cents per bu
Oct. 25 - Change from -
Premium Oct. 18 Oct. 11
Ordinary 95@ 105 +9 @ +9 +9 @ +9
11%
105@ 115 +10 @ +10 +10 @ +10
11.2% 115@ 125 +20 @ +20 +20 @ +20
11.4% 125@ 135 +27 @ +27 +27 @ +27
11.6% 125@ 135 +22 @ +22 +27 @ +27
11.8% 125@ 135 +20 @ +20 +19 @ +19
12%
125@ 135 +20 @ +20 +19 @ +19
12.2% 125@ 135 +20 @ +20 +19 @ +19
12.4% 125@ 135 +20 @ +20 +19 @ +19
12.6% 125@ 135 +19 @ +19 +19 @ +19
12.8% 125@ 135 +19 @ +19 +19 @ +19
13%
120@ 130 +14 @ +14 +14 @ +14
13.2% 120@ 130 +14 @ +14 +14 @ +14
13.4% 120@ 130 +5 @ +5 +5 @ +5
13.6% 120@ 130 +5 @ +5 +5 @ +5
13.8% 120@ 130 +5 @ +5 +5 @ +5
14%
120@ 130 +5 @ +5 +5 @ +5
bakingbusiness.com / world-grain.com

Year
ago
35 @ 50
45 @ 60
55 @ 70
66 @ 81
75 @ 90
80 @ 95
85 @ 100
86 @ 101
86 @ 101
86 @ 101
86 @ 101
93 @ 108
93 @ 108
93 @ 108
93 @ 108
93 @ 108
95 @ 110

60% in Montana (57%). Wheat rated in
good-to-excellent condition was 63%
in Kansas (35% fair), 69% in Oklahoma,
67% in Texas, 72% in Nebraska, 54% in
Colorado (39% fair), 75% in South Dakota
and 61% in Montana (37% fair).
HARD SPRING. Premiums on hard
red spring wheat quoted as delivered
Chicago/beyond values in relation
to the Minneapolis December wheat
future surged 5@50c a bu last week. The
widest gains were posted at 13% and
14% proteins with the high end of the
premium range on 14%-protein wheat
advancing 20c. Wheat offers were light
from day to day as the fall crop harvest
commanded the attention of producers,
elevators and rail and truck transport.
In its summary of 2013 spring wheat
quality, the North Dakota Wheat
Commission said, "The 2013 hard red
spring wheat crop grades a No. 1 northern
spring with 94% of the crop reaching a
No. 1 grade. The crop fell to an average of
northern spring for a subclass due to lower
vitreous kernel counts, and average protein
fell to 13.5% compared with 14.6% last year
and 14.1% for the five-year average."
The Canadian Grain Commission in its
weekly harvest report indicated that as
of Oct. 22, the average protein of western
spring wheat was a relatively low 12.8%.
SOFT RED. Mill bids on soft red
winter wheat were firm to 10c a bu higher
last week. St. Louis mill bids on No. 1 soft
red winter wheat for October were 20c a

bu over Chicago December, unchanged.
Chicago mill bids for OctoberDecember were the Chicago December
price, unchanged. Mill bids in Toledo
for October were 10c under Chicago
December,
unchanged;
NovemberDecember, 10c over December; new
crop, 20c over July. Elevator bids were at
18c under Chicago December, deferred
pricing only; new crop, 10c under July.
Cincinnati mill bids were 30c under
Chicago December, up 10c; new crop,
30c under July. Elevator bids were 50c
under Chicago December; new crop, 36c
under July. Mill bids in the eastern Corn
Belt, Southeast and East coast were much
stronger as subpar wheat quality in these
areas forced wheat buyers to look to
west to draw in supply. Michigan white
wheat mill bids were 5c under Chicago
December to 50c over, unchanged; new
crop, July price to 10c over. Gulf bids on
soft red winter wheat for October were
95c over Chicago December, up 5c.
Winter wheat planting by Oct. 20
was 32% completed in Missouri (42%
as the recent five-year average for the
date), 68% in Illinois (59%), 64% in Indiana (62%), 80% in Ohio (68%) and 76%
in Michigan (79%), the U.S.D.A. said.
Wheat emergence was 15% in Missouri
(21% as the average), 24% in Illinois
(26%), 28% in Indiana (24%), 54% in
Ohio (29%) and 40% in Michigan (43%).
Wheat rated good to excellent was 40%
in Missouri (59% fair), 84% in Illinois,
72% in Indiana, 81% in Ohio and 87% in
Michigan. MBN

No. 1 hard spring

No. 1 hard winter premiums, 12.2%

Basis Minneapolis Dec., delivered Chicago\beyond cents
per bu Oct. 25 - Change from -
Year
Premium Oct. 18
Oct. 11
ago
Ordinary
...
...
...
...
11%
...
...
...
...
12%
...
...
...
...
13%
110 @ 135 +30 @ +45 +30 @ +50
75
13.5%
...
...
...
...
14%
145 @ 150 +50 @ +20 +60 @ +40 65 @ 75
14.5%
...
...
...
...
15%
180 @ 190 +5 @ +15 +85 @ +60 70 @ 90
16%
...
...
...
...
17%
...
...
...
...

Exporter bids and offers
For
shipment

Oct. 25
Bid

Ingredient Week

Offer

No. 1 Hard 12%, Track Gulf
Basis Kansas City future, cents per bu
October
...
...
November
+145 Dec.
...
December
+142 Dec.
...
January
+140 March 150
No. 2 Soft Red, c.i.f. New Orleans
Basis Chicago future, cents per bu
October
+95 Dec.
...
November
+95 Dec.
105
December
+82 Dec.
95
January
+75 March 85

Year ago
bid

...
+114 Dec.
+114 Dec.
+115 March

+60 Dec.
+63 Dec.
+63 Dec.
+57 March

Basis Kansas City, cents per bu
170
130
90
50
O

J

A

J

Cash wheat
Oct. 25 - Change from -
For shipment
Bid Oct. 18 Oct. 11
No. 1 Soft White, Track, Portland
$ per bu
October
...
...
...
November
...
...
...
December
...
...
...
No. 1 Hard 11.5%, Track, Portland
Basis Kansas City future, $ per bu
October
...
...
...
November
0.95
-.05
-.05
December
0.95
-.05
-.05
No. 1 Spring 14%, Track, Portland
Basis Minneapolis future, $ per bu
October
...
...
...
November
1.10
-.05
-.05
December
1.20
-
-

Year
ago
...
...
9.00
0.75
0.78
0.73
...
0.90
0.90

Milling & Baking News October 29, 2013 / 35
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Milling & Baking News - October 29, 2013

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