Milling & Baking News - May 24, 2016 - 49

X
Cash Wheat
HARD WINTER. Premiums on hard red
winter wheat in Kansas City were 7c a bu
higher to 7c lower last week. The market
tone was firmer through Thursday, continuing the recent trend, as mills sought
to replenish pipelines and take advantage
of offers of some especially high-quality
wheat. The basis weakened at the week's
end as wheat offers increased. At the highest protein levels, where adjustments were
the steepest last week, there was demand
in part because of concerns strong yields
expected for the 2016 crop may result in a
crop with protein lower than a year ago.
Farmer selling was not a feature, especially in light of weaker Kansas City
wheat futures. Wheat with 12% protein
for delivery in July-September continued to be offered at a premium to spot
cash market values, but little fresh business was completed.
Harvesting in Texas continued to advance on a limited basis, but progress
to more northern areas of the state was
stalled by rain, with more precipitation
in the forecast. The precipitation has
raised concerns that fungal disease, lower-than-anticipated yields and lighter
test weights may affect the Texas crop.
The U.S. Department of Agriculture indicated hard red winter wheat conditions
held steady or improved in the week ended May 15 with the sole decline in Texas,
where good-to-excellent ratings fell one
percentage point from a week earlier. The
Kansas wheat good-to-excellent rating
was raised three percentage points. Winter wheat rated good to excellent was 57%
in Kansas (34% fair), 48% in Texas (40%
fair), 65% in Oklahoma (29% fair), 68%
in Colorado (23% fair), 67% in Nebraska
(30% fair), 64% in Montana (30% fair) and
74% in South Dakota (25% fair).
In Fort Worth, bids on hard red winter
wheat were 35c under K.C. July; old crop,

No. 1 hard winter
Basis Kansas City July, cents per bu
May 20 - Change from -
Premium May 13 May 6
Ordinary 39@ 49
-
-
11%
55@ 65
-
+8 @ +8
11.2%
55@ 65
-
+8 @ +8
11.4%
55@ 65
-
+3 @ +3
11.6%
65@ 75 +3 @ +3 +13 @ +13
11.8%
65@ 75 +3 @ +3 +13 @ +13
12%
68@ 78
-2 @ -2 +3 @ +3
12.2%
68@ 78
-2 @ -2 +3 @ +3
12.4%
68@ 78
-2 @ -2 +3 @ +3
12.6%
68@ 78
-7 @ -7 +3 @ +3
12.8%
68@ 78
-7 @ -7 +2 @ +2
13%
80@ 90
-5 @ -5
-
13.2%
85@ 95
-
+5 @ +5
13.4%
90@ 100
-
+10 @ +10
13.6%
97@ 107 +7 @ +7 +17 @ +17
13.8%
97@ 107 +7 @ +7 +17 @ +17
14%
115@ 125 +5 @ +5 +25 @ +25
bakingbusiness.com / world-grain.com

Year
ago
100 @ 110
110 @ 120
110 @ 120
110 @ 120
110 @ 120
110 @ 120
120 @ 130
120 @ 130
120 @ 130
120 @ 130
120 @ 130
122 @ 132
122 @ 132
122 @ 132
123 @ 133
123 @ 133
135 @ 145

also 35c under. Posted Salina truck bids
at terminal elevators for nearby were 55c
under K.C. July; new crop, 47c under July.
Hutchinson nearby elevator bids were 50c
under K.C. July; new crop, 42c under July.
The highest posted Wichita elevator newcrop bid was 43c under K.C. July. Gulf
bids on hard red winter wheat with 12%
protein for June were 80c over July, up 7c.
HARD SPRING. Premiums on hard red
spring wheat in Minneapolis were 25c a
bu higher to 30c lower last week. Wheat
offers were limited with producers disappointed with prices, but mill pipelines
remained adequate.
The U.S.D.A. said 89% of the spring
wheat crop was planted in the six key
states as of May 15 compared with 77% a
week earlier, 92% a year ago and 64% as
the recent five-year average for the date.
Planting was 87% completed in North
Dakota (51% as the average for the date),
97% in South Dakota (88%), 96% in Minnesota (59%), 86% in Montana (70%),
96% in Idaho (94%) and 97% in Washington (96%). Fifty-two per cent of the
North Dakota spring wheat crop was
emerged in the latest week, well ahead
of the 27% five-year average for the date.
SOFT RED. The cash soft red winter
market continued to exhibit wide regional variation, with mills having to reach
out for quality supply. This translated to
strong regional bids not necessarily reflect in posted bids quoted below.
Posted St. Louis-area mill bids for

nearby were 5c under the Chicago July to
20c over; at the same time, a mill not so far
removed from St. Louis recently sought
milling wheat with guaranteed good
quality and bid 115c over July. Chicago
mill bids for nearby were the Chicago July
price; new crop, the July price. Toledo mill
bids for May were 15c under Chicago July;
June, 15c under July; new crop, 15c under
July. Elevator bids were 10c under Chicago
July; new crop, 10c under July. Cincinnati
elevator bids were at the Chicago July
price; new crop, 5c over July. Michigan
white wheat mill bids varied widely. The
highest nearby bid was about 150c over
Chicago July with new crop bids from 30c
over July to 70c over. Gulf bids on soft
red winter wheat for May were 50c over
Chicago July, unchanged.
The U.S.D.A.'s May 16 Crop Progress
report said conditions in most key soft
wheat states were unchanged or declined compared with the previous week
with the exception of Michigan, where
the good-to-excellent rating was raised
by two percentage points. A turn to drier
weather would be beneficial to the crop.
Winter wheat rated good to excellent
was 62% in Illinois (31% fair), 75% in Indiana (20% fair), 74% in Michigan (20%
fair), 68% in Missouri (28% fair), 81% in
Ohio (18% fair), 41% in North Carolina
(35% fair) and 54% in Arkansas (37%
fair). Winter wheat headed by May 15
was 80% in Illinois (56% as the five-year
average for the date), 54% in Indiana
(38%), 2% in Michigan (6%), 90% in Missouri (69%) and 32% in Ohio (17%). MBN

No. 1 hard spring

No. 1 hard winter premiums, 12.2%

Basis Minneapolis July, delivered Chicago\beyond cents
per bu
May 20
- Change from -
Year
Premium
May 13
May 6
ago
Ordinary . . .
...
...
...
11%
...
...
...
...
12%
...
...
...
70
13%
25 @ 50 -30 @ -5
-40 @ -25
70
13.5%
50 @ 55 +25 @ 0
-10 @ -25 100 @ 150
14%
60 @ 80
0 @ +10 -10 @ -5
170
14.5%
75
...
-20 @ -25
275
15%
95
-10 @ -30 -30 @ -70 350 @ 400
16%
...
...
...
...

Exporter bids and offers
For
shipment

May 20
Bid

Ingredient Week

Offer

No. 1 Hard 12%, Track Gulf
Basis Kansas City future, cents per bu
May
...
...
June
+80 July
88
July
+79 July
88
August
+71 Sep.
77
No. 2 Soft Red, c.i.f. New Orleans
Basis Chicago future, cents per bu
May
+50 July
...
June
+37 July
43
July
+37 July
43
August
+37 Sep.
50

Year ago
bid

...
+110 July
+111 July
+109 Sep.

+65 July
+58 July
+58 July
+55 Sep.

Basis Kansas City, cents per bu
130
110
90
70
50
M

A

N

F

Cash wheat
May 20 - Change from -
For shipment
Bid May 13 May 6
No. 1 Soft White, Track, Portland
$ per bu
May
5.30
-.14
-.07
June
5.30
-.14
-.07
July
5.32
-.10
-.05
No. 1 Hard 11.5%, Track, Portland
Basis Kansas City future, $ per bu
May
0.82
-
+.07
June
0.82
-
+.12
July
0.78
-
+.08
No. 1 Spring 14%, Track, Portland
Basis Minneapolis future, $ per bu
May
1.05
-
+.10
June
1.05
-
+.10
July
1.00
-
+.05

Year
ago
...
...
...
0.95
0.95
0.75
0.95
0.95
0.95

Milling & Baking News XMay 24, 2016 / 49
http://www.bakingbusiness.com http://www.world-grain.com
Milling & Baking News - May 24, 2016

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