Milling & Baking News - April 14, 2015 - 35

Ingredient Week

Cash Wheat
HARD WINTER. Premiums on hard red
winter wheat in Kansas City were 5@15c
a bu lower last week. Wheat at 14% fell 5c.
Ordinary wheat declined 10c a bu, as did
wheat from 13.2% through 13.8% protein.
Fourteen-cent declines were posted on
11% through 11.6% protein while 15c declines occurred from 11.8% through 13%
protein wheat.
Business in the market for to-arrive
wheat was minimal. Farmer selling of
wheat remained light amid lower prices,
with producers continuing to be tight
holders of what remains unsold of the
2014 crop until they have a better idea of
how the new crop is progressing.
Much of the Southern Plains remained
abnormally dry or in more severe levels of
drought, although there were prospects of
significant rains falling in Western Kansas
near the end of the week. Temperatures
remained above normal.
The first aggregate U.S. Department of
Agriculture crop progress and condition
report was released April 6, showing
deterioration in most good-to-excellent
ratings from the previous week or
month as reported in hard winter wheat
state updates, with wide variations from
a year ago. For the week ended April
5, good-to-excellent ratings were 33%
in Kansas (39% a week earlier, 29% the
same week last year), 43% in Oklahoma
(44% week earlier, 15% year ago), 54% in
Texas (55% week earlier, 13% year ago),
55% in Colorado (58% week earlier, 35%
year ago), 61% in Montana (58% as the
monthly good-to-excellent rating for
March, 64% a year ago) and Nebraska
(unchanged from the previous week's
March rating, 56% a year ago).
The U.S.D.A. forecast hard red winter
wheat carryover on June 1, 2015, at 272
million bus, up 4 million bus from March
and up 35 million bus, or 15%, from 237

No. 1 hard winter
Basis Kansas City May, cents per bu
Apr. 10 - Change from - Year
Premium Apr. 2 Mar. 27
ago
Ordinary 85@ 95 -10 @ -10 -10 @ -10 130 @ 140
11%
85@ 95 -14 @ -14 -14 @ -14 130 @ 140
11.2% 85@ 95 -14 @ -14 -14 @ -14 130 @ 140
11.4% 85@ 95 -14 @ -14 -14 @ -14 130 @ 140
11.6% 85@ 95 -14 @ -14 -14 @ -14 130 @ 140
11.8% 85@ 95 -15 @ -15 -17 @ -17 130 @ 140
12%
85@ 95 -15 @ -15 -17 @ -17 130 @ 140
12.2% 85@ 95 -15 @ -15 -17 @ -17 130 @ 140
12.4% 85@ 95 -15 @ -15 -17 @ -17 130 @ 140
12.6% 85@ 95 -15 @ -15 -17 @ -17 130 @ 140
12.8% 85@ 95 -15 @ -15 -17 @ -17 130 @ 140
13%
85@ 95 -15 @ -15 -17 @ -17 135 @ 145
13.2% 85@ 95 -10 @ -10 -17 @ -17 135 @ 145
13.4% 85@ 95 -10 @ -10 -17 @ -17 135 @ 145
13.6% 85@ 95 -10 @ -10 -17 @ -17 135 @ 145
13.8% 85@ 95 -10 @ -10 -17 @ -20 135 @ 145
14%
100@ 110 -5 @ -5 -15 @ -15 135 @ 145
bakingbusiness.com / world-grain.com

million bus last year. Exports were seen
at 275 million bus, down 10 million bus
from March, domestic use at 438 million
bus, up 5 million bus, and total supply at
985 million bus, down 1 million bus
In Fort Worth, bids on hard red winter
wheat for nearby were 40c over K.C.
May, unchanged; new crop, 40c over July.
Salina truck bids at terminal elevators
for nearby were 5c under K.C. May;
new crop, 20c under July. Hutchinson
elevator bids for nearby were 10c under
K.C. May; new crop, 10c under July. Best
Wichita elevator bid was 15c under K.C.
May; new crop, 18c under July. Gulf
bids on hard red winter wheat with 12%
protein for April were at 105c over K.C.
May, down 15c.
HARD SPRING. Premiums on hard
red spring wheat in Minneapolis were
10@75c a bu lower last week. Wheat with
15% protein was quoted $1.25 to $2.50
a bu higher than 14%-protein supply,
reflecting the ongoing dearth of highprotein spring wheat offers because of
the low average protein of the 2014 hard
red spring crop, although premiums were
down from recent highs.
Wheat movement was brisk. While
recent loadings have been robust, it
was thought farmers in top-producing
North Dakota still held about one-third
of the 2014 crop in storage because of
continuing disappointment with prices.
A small amount of spring wheat was
planted last week in southern North
Dakota. Muddy conditions, especially in

northern areas, meant road restrictions
remained in place where needed. Other
parts of the state were abnormally dry.
The U.S.D.A. on April 9 forecast hard
red spring wheat carryover on June 1,
2015, at 190 million bus, up 1 million bus
from March and up 21 million bus, or
12%, from 169 million bus in 2014.
SOFT RED. Mill bids on soft red winter
wheat were mostly unchanged last week.
St. Louis mill bids for nearby were 5c over
the Chicago May wheat future, unchanged.
Chicago mill bids for nearby were 10c
over Chicago May, unchanged; new crop
was at the Chicago July price. Toledo mill
bids for nearby were 10c over Chicago
May, unchanged; new crop, 20c over July.
Elevator bids were 10c over Chicago May;
new crop, 10c over July. Cincinnati elevator
bids were at the Chicago May price; new
crop, the Chicago July price. Michigan
white wheat mill bids were 200@225c over
Chicago May, down 5c. Gulf bids on soft
red winter wheat for April were 80c over
Chicago May, down 5c.
Cool, wet weather continued to slow
spring field work and raise concerns
about vomitoxin in winter wheat across
southern portions of most Central states
and Kentucky.
The U.S.D.A. forecast June 1, 2015, soft
red winter carryover at 169 million bus,
down 16 million from March but up 56
million bus, or 50%, from 113 million bus
last year. The increase was based on a
like increase in domestic use, forecast at
275 million bus in 2014-15. MBN

No. 1 hard spring

No. 1 hard winter premiums, 12.2%

Basis Minneapolis May, delivered Chicago\beyond cents
per bu
Apr. 10
- Change from -
Year
Premium
Apr. 2
Mar. 27
ago
Ordinary . . .
...
...
...
11%
...
...
...
...
12%
60
-10
+16 @ 0
75 @ 110
13%
...
...
...
90 @ 110
13.5%
75
...
...
...
14%
175
-5 @ -35
-5 @ -35 135 @ 160
14.5%
...
...
...
...
15%
300 @ 425 -75 @ -25 -200 @ -75 165 @ 180
16%
...
...
...
...
17%
...
...
...
...

Exporter bids and offers
For
shipment

Apr. 10
Bid

Offer

No. 1 Hard 12%, Track Gulf
Basis Kansas City future, cents per bu
April
+105 May
112
May
+102 May
110
June
+105 July
110
July
... July
...
No. 2 Soft Red, c.i.f. New Orleans
Basis Chicago future, cents per bu
April
+80 May
90
May
+75 May
82
June
+51 July
54
July
+51 July
54

Year ago
bid

...
...
...
..

May
May
July
July

+65 May
+65 May
+42 July
+42 July

Basis Kansas City, cents per bu
160
140
120
100
80
A

J

O

J

Cash wheat
Apr. 10 - Change from -
For shipment
Bid Apr. 2
Mar. 27
No. 1 Soft White, Track, Portland
$ per bu
April
6.00
-
-
May
6.00
-.05
-.05
June
6.00
-.10
-.10
No. 1 Hard 11.5%, Track, Portland
Basis Kansas City future, $ per bu
April
1.15
-
+.05
May
1.15
-
-
June
1.15
-
-
No. 1 Spring 14%, Track, Portland
Basis Minneapolis future, $ per bu
April
1.35
-.65
-.60
May
1.35
-.65
-.65
June
1.40
-.60
-.60
Milling & Baking News

Year
ago
7.60
7.60
7.60
1.20
1.10
1.00
1.50
1.50
1.40

April 14, 2015 / 35
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Milling & Baking News - April 14, 2015

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