Milling & Baking News - July 7, 2015 - 39

X
Cash Wheat
HARD WINTER. Premiums on hard red
winter wheat in Kansas City declined
1@26c a bu last week. The basis buckled
last Monday and Tuesday in the face of
harvest pressure. Also, wide gains in
Kansas City wheat futures temporarily
removed some pressure from the cash
wheat basis for originating wheat.
New-crop wheat began to be offered
alongside old-crop supplies for the first
time this summer, but receipts were
relatively light, estimated at a total of
64 rail cars during the four days of the
holiday-shortened week. No rail cars of
wheat were offered for sale last Thursday.
The wheat harvest in Kansas was
"going strong" amid mostly favorable
weather, said a grain merchandiser.
Expectations were combines would be
largely finished in the state after the threeday July 4 weekend and be ready to move
into Nebraska and Colorado. He said
preliminary indications were the Kansas
crop would be in the range of 325 million
to 350 million bus, significantly larger than
the 2014 crop of about 246 million bus.
U.S. Wheat Associates on July 2 said
Kansas producers were reporting very
good test weights and yields except
for limited areas where stripe rust was
prevalent. On the basis of 135 of 530
intended samples, U.S. Wheat said 2015
hard red winter wheat was averaging
58.4 lbs per bu in test weight (60.7 lbs
as 2014 average). Average protein was
12.5% (13.3% last year). Average grade to
date continued to be No.2 (No.1 in 2014).
In Fort Worth, elevator bids on hard
red winter wheat for nearby were 5c
over K.C. September. Salina truck bids at
terminal elevators for nearby were at the
K.C. September price. Hutchinson nearby
elevator bids were at the September price;
new crop was 10c under K.C. September.
The best Wichita elevator bid was 5c over

No. 1 hard winter
Basis Kansas City Sept., cents per bu
July 2 - Change from - Year
Premium June 26 June 19
ago
Ordinary 85@ 95
-1 @ -1
-1 @ -1 120 @ 130
11%
85@ 95 -16 @ -16 -21 @ -21 120 @ 130
11.2% 85@ 95 -16 @ -16 -21 @ -21 120 @ 130
11.4% 85@ 95 -16 @ -16 -21 @ -21 120 @ 130
11.6% 85@ 95 -16 @ -16 -21 @ -21 130 @ 140
11.8% 85@ 95 -16 @ -16 -21 @ -21 130 @ 140
12%
85@ 95 -16 @ -16 -26 @ -26 130 @ 140
12.2% 85@ 95 -16 @ -16 -26 @ -26 130 @ 140
12.4% 85@ 95 -16 @ -16 -26 @ -26 130 @ 140
12.6% 85@ 95 -16 @ -16 -26 @ -26 130 @ 140
12.8% 85@ 95 -21 @ -21 -26 @ -26 130 @ 140
13%
85@ 95 -26 @ -26 -31 @ -31 116 @ 126
13.2% 85@ 95 -26 @ -26 -32 @ -32 116 @ 126
13.4% 105@ 115 -15 @ -15 -15 @ -15 116 @ 126
13.6% 105@ 115 -15 @ -15 -15 @ -15 116 @ 126
13.8% 105@ 115 -15 @ -15 -15 @ -15 116 @ 126
14%
117@ 127 -14 @ -14 -14 @ -14 135 @ 145
bakingbusiness.com / world-grain.com

the K.C. September. Gulf bids on hard red
winter wheat with 12% protein for July
were at 98c over K.C. September, down 12c.
HARD SPRING. Premiums on hard red
spring wheat in Minneapolis were 25c a
bu higher to 150c lower last week as the
Minneapolis September contract became
the basic contract at a 15c premium to
the July future.
While strong winds and hail may
have done minor damage to the spring
wheat crop in top-producing North
Dakota last week, overall spring wheat
condition ratings in the six major states
improved with 72% of the crop rated
good to excellent compared with 71%
the previous week. The U.S.D.A. said
49% of the crop was headed as of June
28 compared with 24% a year earlier and
29% as the 2010-14 average for the date.
SOFT RED. Mill bids on soft red winter
wheat mostly were unchanged. St. Louis
area mill bids for nearby were 50c over
Chicago September price, unchanged.
Chicago mill bids for nearby were 10c
over the Chicago September price.
Toledo mill bids for nearby were 20c
over Chicago July, unchanged; AugustSeptember bids, 15c over September.
Elevator bids for new crop were 2c over
September price. Cincinnati elevator
bids were 5c over the Chicago September
price. Michigan white wheat mill bids
varied widely depending on mill needs.
The highest nearby bid was about 250c
over Chicago September price, but some

bids were as low as 80c over Chicago
September for new crop. Gulf bids on
soft red winter wheat for July were 45c
over Chicago September, unchanged.
The 2015 soft red winter wheat crop
was displaying serious quality issues last
week, and consensus was building that a
significant portion of the crop may not be
of milling quality. Crop conditions showed
a pattern of deterioration because of the
excessively rainy growing season across
the Midwest, which made soft winter
wheat vulnerable to disease and sprouting.
Illinois experienced its wettest June since
1895. Illinois wheat was rated 37% good to
excellent on June 28 compared with 55%
on June 8. The Indiana crop was rated 55%
good to excellent on June 28 compared
with 69% on June 8.
The winter wheat harvest progressed
advanced rapidly compared with the
previous week but continued to lag fiveyear averages for the date. Harvesting
was 91% completed in Arkansas on June
28 (72% the previous week and 94% as
five-year average), 46% in Missouri (12%
and 65%), 38% in Illinois (3% and 59%),
18% in Indiana (5% and 39%), 3% in Ohio
(1% and 13%) and 91% in North Carolina
(65% and 87%). The harvest was yet to
get under way in Michigan.
On the basis of 119 of 500 intended
samples, U.S. Wheat Associates said soft
red winter wheat was averaging 10.3%
in protein (9.9% last year) and 58.8 lbs
per bu in test weight (58.1 lbs last year).
The average grade to date was No. 2 soft
red winter wheat (No. 2 last year). MBN

No. 1 hard spring

No. 1 hard winter premiums, 12.2%

Basis Minneapolis Sept., delivered Chicago\beyond cents
per bu
July 2
- Change from -
Year
Premium June 26
June 19
ago
Ordinary
...
...
...
...
11%
...
...
...
...
12%
10 @ 45
-5 @ +20 -30 @ -15 105 @ 170
13%
30
-5
-25 @ -45 180 @ 185
13.5%
80 @ 110 +20 @ +25 -10 @ +10
...
14%
145 @ 160 +10 @ +5 +5 @ -40 225 @ 275
14.5% 150 @ 200
-
-95 @ -85
...
15%
300 @ 400 -150 @ -60 -260 @ -185 350 @ 400
16%
...
...
...
...
17%
...
...
...
...

Exporter bids and offers
For
shipment

July 2
Bid

Ingredient Week

Offer

No. 1 Hard 12%, Track Gulf
Basis Kansas City future, cents per bu
July
98 Sep.
102
August
+100 Sep.
104
September
+107 Sep.
112
October
+124 Dec.
127
No. 2 Soft Red, c.i.f. New Orleans
Basis Chicago future, cents per bu
July
+45 Sep.
55
August
+50 Sep.
60
September
+60 Sep.
0
October
+70 Dec.
100

Year ago
bid

...
+140 Sep.
+140 Sep.
+155 Dec.

+60 Sep.
+60 Sep.
+65 Sep.
+75 Dec.

Basis Kansas City, cents per bu
155
135
115
95
75
J

O

J

A

Cash wheat
July 2 - Change from -
For shipment
Bid June 26 June 19
No. 1 Soft White, Track, Portland
$ per bu
July
...
...
...
August
6.45
-.20
+.60
September
6.45
-.20
+.60
No. 1 Hard 11.5%, Track, Portland
Basis Kansas City future, $ per bu
July
0.75
...
-.20
August
0.75
-
-
September
0.75
-
-
No. 1 Spring 14%, Track, Portland
Basis Minneapolis future, $ per bu
July
1.00
...
-
August
0.85
-.10
-
September
0.80
-.15
-

Year
ago
7.00
6.80
6.80
0.95
1.05
1.10
2.50
1.50
1.20

Milling & Baking News XJuly 7, 2015 / 39
http://www.bakingbusiness.com http://www.world-grain.com
Milling & Baking News - July 7, 2015

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