Milling & Baking News - August 25, 2020 - 49

Ingredient Week

Cash Wheat
HARD WINTER. Premiums on hard red
winter wheat in Kansas City were 2¢ a
bu higher to 10¢ lower last week. The declines were posted across the middle third
of the protein scale, and the 2¢ gains were
registered on wheat with protein from
13% through 13.4%. The basis across the
bottom third of the scale was unchanged.
New loadings in the country were limited and mostly comprised shipments
for application to late-August contracts.
There were a few to-arrive transactions, mostly for October-December, as
recent front-end basis weakness encouraged the forward business. Proteins on
the forward sales were "kind of all over
the board," a trader said, from 11% to
13%. At the same time, the relatively wide
bid-offer spread discouraged other mills
and prospective buyers from committing
to additional contracts that far forward.
The fall crop harvest was approaching.
This may occasion some additional farmer wheat sales to clear storage space. At
the same time, this year's hard red winter
wheat crop was much smaller than that
harvested in 2019, so it was uncertain just
how much wheat producers may have to
sell to clear needed storage space.
Ideas were impending changes to the
Union Pacific Railroad's grain car allocation program will draw significant
interest from shippers more willing to
subscribe to a pool of cars for a year versus the current three-year commitment,
a merchandiser said.
As last week drew to a close, hard red
winter wheat was left to be harvested
only in Montana and the Pacific Northwest, according to the weekly harvest
summary issued by Plains Grains, Inc.
Combining by Aug. 21 was said to be 71%
completed in Montana, 78% in Idaho,
77% in Washington and 95% in Oregon.
"Montana continues to report good

No. 1 hard winter
Basis Kansas City Sept., cents per bu
Aug. 21 - Change from -
Premium Aug. 14 Aug. 7
Ordinary 85@ 95
-
-
11%
97@ 107
-
-
11.2% 97@ 107
-
-8 @ -8
11.4% 105@ 115
-
-1 @ -1
11.6% 105@ 115
-
-5 @ -5
11.8% 105@ 115
-
-10 @ -10
12%
115@ 125 -5 @ -5
-5 @ -5
12.2% 115@ 125 -5 @ -5 -10 @ -10
12.4% 115@ 125 -10 @ -10 -10 @ -10
12.6% 125@ 135 -5 @ -5
-5 @ -5
12.8% 125@ 135 -5 @ -5
-5 @ -5
13%
132@ 142 +2 @ +2 +2 @ +2
13.2% 132@ 142 +2 @ +2 +2 @ +2
13.4% 132@ 142 +2 @ +2 +2 @ +2
13.6% 140@ 150
-
+5 @ +5
13.8% 145@ 155
-
-
14%
145@ 155
-
-
bakingbusiness.com / world-grain.com

Year
ago
85@ 95
88@ 98
90@ 100
118@ 128
121@ 131
121@ 131
126@ 136
126@ 136
130@ 140
160@ 170
160@ 170
180@ 190
180@ 190
180@ 190
180@ 190
180@ 190
180@ 190

yields with most areas reporting above
50 bus per acre with a few limited exceptions," PGI said. "Some limited insect
damage is being reported in the central
parts of the state. Overall reported quality is good."
PGI said, based on 367 of an expected
500 samples, new crop hard red winter
wheat was averaging 61.5 lbs per bu
compared with 61.3 lbs a week earlier
and 60.8 lbs as the 2019 crop average. Average protein held at 12% compared with
11.3% in 2019. Thousand kernel weight
averaged 30.6 grams compared with 30
grams a week earlier and 33.1 grams in
2019. Falling number averaged 368 seconds compared with 367 seconds a week
earlier and 377 seconds a year ago.
Salina spot wheat bids were 10¢ under KC Sept. Hutchinson spot wheat
bids were 10¢ under KC Sept. Wichita
elevator bids for nearby were 10¢ under
KC Sept. Gulf bids on 12%-protein hard
red winter were 135¢ over KC Sept.
HARD SPRING. Premiums on hard red
spring wheat in Minneapolis were 40¢ a
bu higher to 10¢ lower last week. The declines were posted at 14% protein. The basis at higher protein levels strengthened.
The US Department of Agriculture,
in its weekly Crop Progress report, said
30% of the nation's spring wheat harvest
was completed by Aug. 16 compared
with 15% a week earlier and 43% as the
recent five-year average for the date. The
North Dakota harvest was 19% completed compared with 7% a week earlier and

39% as the five-year average.
The USDA rated the condition of the
spring wheat crop as of Aug. 16 at 70%
good to excellent compared with 69%
a week earlier and 70% a year ago. The
North Dakota crop was rated 65% good
to excellent and 29% fair.
As the North Dakota harvest advanced,
reports were of better-than-expected, but
perhaps not bin-busting, yields, the North
Dakota Wheat Commission said in its
weekly update. Protein levels appeared
to be in the upper-13% range to as high as
16% in some areas, the commission said.
"Test weights so far have been good with
a range of 58 to 63 lbs per bu." No quality
issues had been indicated.
SOFT RED. Mill bids on soft red winter
wheat mostly were unchanged last week.
St. Louis-area bids on soft red winter
wheat were 25¢ over Chicago Sept.; September, 30¢ over. Toledo mill bids were
the Chicago Sept. price; October, 5¢ under
Dec. Elevator bids were the Chicago Sept.
price. The Cincinnati elevator bid was
1¢ under Chicago Sept. Michigan white
wheat mill bids ranged from 10¢ to 25¢
over Chicago Sept.; soft red winter wheat
mill bids ranged from the Chicago Sept.
price to 10¢ over. Gulf bids on soft red
winter were 57¢ over Chicago Sept.
Michigan soft winter wheat growers
completed their harvest in the week ended Aug. 16 at a faster-than-average clip
compared with progress of 93% on the
same date a year ago and 98% as the fiveyear average, according to the USDA. MBN

No. 1 hard spring

No. 1 hard winter premiums, 12.2%

Basis Minneapolis Sept., delivered Chicago\beyond cents
per bu
Aug. 21
- Change from -
Year
Premium Aug. 14
Aug. 7
ago
Ordinary
...
...
...
...
11%
...
...
...
...
12%
...
...
...
...
13%
...
...
...
85
13.5%
100
...
...
80
14%
110
-5 @ -10 +10 @ 0
70 @ 110
14.5%
100
+35
...
75 @ 80
15%
125 @ 130 +40 @ +5 +5 @ +5 80 @ 120
16%
...
...
...
...
17%
...
...
...
...

Exporter bids and offers
For
shipment

Aug. 21
Bid

Offer

No. 1 Hard 12%, Track Gulf
Basis Kansas City future, cents per bu
August
+135 Sep.
145
September
+145 Sep.
155
October
+150 Dec.
160
November
+150 Dec.
160
No. 2 Soft Red, c.i.f. New Orleans
Basis Chicago future, cents per bu
August
+57 Sep.
66
September
+65 Sep.
70
October
+65 Dec.
75
November
+70 Dec.
80

Year ago
bid

+170 Sep.
+170 Sep.
+160 Dec.
+160 Dec.

+68 Sep.
+79 Sep.
+80 Dec.
+80 Dec.

Basis Kansas City, cents per bu
175
155
135
115
95
A

N

F

M

Cash wheat
Aug. 21 - Change from -
For shipment
Bid Aug. 14 Aug. 7
No. 1 Soft White, Track, Portland
$ per bu
August
5.20
-
-.35
September
5.37
-
-.28
October
5.42
-
-.26
No. 1 Hard 11.5%, Track, Portland
Basis Kansas City future, $ per bu
August
1.40
-
-.10
September
1.50
-
+.10
October
1.60
-
+.20
No. 1 Spring 14%, Track, Portland
Basis Minneapolis future, $ per bu
August
0.95
-
-
September
1.00
-
+.05
October
1.00
-
-
Milling & Baking News

Year
ago
5.60
5.80
5.80
1.25
1.55
1.45
0.75
0.80
0.75

August 25, 2020 / 49
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Milling & Baking News - August 25, 2020

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