Milling & Baking News - August 24, 2021 - 33

Aug. 20
11.2%
NO. 1 HARD WINTER
- Change from -
Premium
Aug. 13
Aug. 6
Ordinary 95 @ 105 +9 @ +9 +9 @ +9
11%
11.4% 106 @ 116
11.6% 106 @ 116
12.2%
95 @ 105 +5 @ +5 +5 @ +5
106 @ 116 +6 @ +6 +6 @ +6
+1 @ +1
-2 @ -2
-2 @ -2
-9 @ -9
11.8% 112 @ 122 -5 @ -5
12%
125 @ 135 -5 @ -5
12.4% 150 @ 160 -5 @ -5
13.2%
-10 @ -10
-10 @ -10
130 @ 140 -5 @ -5 -25 @ -25
-10 @ -10
180 @ 190 -20 @ -20 -41 @ -41
180 @ 190 -20 @ -20 -41 @ -41
Year
ago
Aug. 20
85 @ 95
97 @ 107
97 @ 107
105 @ 115
105 @ 115
105 @ 115
115 @ 125
115 @ 125
115 @ 125
12.6% 150 @ 160 -10 @ -10 -20 @ -20 125 @ 135
12.8% 170 @ 180 -10 @ -10 -15 @ -15
13%
13.4% 180 @ 190 -41 @ -41 -41 @ -41
13.6% 180 @ 190 -41 @ -41 -41 @ -41
13.8% 180 @ 190 -41 @ -41 -41 @ -41
14%
180 @ 190 -41 @ -41 -41 @ -41
Basis Kansas City Sept., cents per bu
Cash Wheat
HARD WINTER. Premiums on hard red
winter wheat in Kansas City were 9¢ a bu
higher to 41¢ lower last week. Advances were
posted on wheat with protein below 11.6%,
where much of the trading was taking place.
Declines were registered on wheat with
protein from 11.6% through 14%. The weaker
tone across the top end of the protein scale
reflected a weakening spring wheat basis.
Mill pipelines continued to be well supplied
via ample spot offers and shipments
for last-half August contract applications.
Wheat owed for previous timeframes was
slowly getting cleaned up, a trader said.
To-arrive negotiations were mostly quiet.
A grain buyer for a major mill noted 10¢ to
15¢ a bu separated most bids from offers for
the fourth quarter and January-March. " It's
still a case of sellers not knowing exactly
what they have, " the veteran trader said.
" They're going to want to wait and move
some things around in their elevators and
find out what they need to blend " before
committing to significant forward trades.
Farmers have sold their 2021 crop aggressively.
As the week drew to a close, the hard red
winter wheat harvest was completed except
in Idaho and Montana, Plains Grains, Inc.
said in its weekly update. Combining was
90% completed in Montana and 95% completed
in Idaho. The harvest in those states
should be completed during the weekend.
As the hard red winter wheat harvest
moved northward, average protein in the
crop crept higher. PGI said on the basis of
502 samples, the hard red winter wheat protein
average was 11.8%. This compared with
the 2020 crop average protein at 11.9%.
Producers were expected to begin seeding
the 2022 hard red winter crop in a few
weeks. Kansas topsoil moisture supplies on
Aug. 15 were 52% adequate, 2% surplus; subbakingbusiness.com
125
@ 135
132 @ 142
132 @ 142
132 @ 142
140 @ 150
145 @ 155
145 @ 155
Ordinary
11%
12%
13%
13.5%
14%
NO. 1 HARD SPRING
- Change from -
Premium
. . .
. . .
. . .
. . .
90
130
140
. . .
. . .
Aug. 13
. . .
. . .
. . .
. . .
-30
+33 @ -12
14.5% 85 @ 100 -17 @ -17
15%
16%
17%
Aug. 6
. . .
. . .
. . .
. . .
. . .
-12 @ -18
-52 @ -18
+33 @ +28 +28 @ -18
. . .
. . .
. . .
. . .
Year
ago
...
...
...
...
100
110
100
125 @ 130
...
...
Basis Minneapolis Sept., delivered Chicago\beyond cents per bu
For shipment
GULF EXPORT BIDS AND OFFERS
Offer
Aug. 20
Bid
No. 1 Hard 12%, Track Gulf
August
+169 Sep.
+179 Dec.
September +174 Sep.
October
November +179 Dec.
August
+18 Sep.
+40 Dec.
179
184
189
189
Basis Kansas City future, cents per bu
No. 2 Soft Red, c.i.f. New Orleans
September +27 Sep.
October
November +55 Dec.
Basis Chicago future, cents per bu
soil moisture was 55% adequate, 2% surplus.
Salina wheat bids through September
were 15¢ under KC Sept. Hutchinson wheat
bids through August were 15¢ under KC
Sept. Wichita elevator bids through August
were 10¢ under Sept. Gulf bids on 12%-protein
hard red winter wheat for August were
169¢ over Sept., September, 174¢ over Sept.
HARD SPRING. Premiums on milling quality
hard red spring wheat in Minneapolis
were 33¢ a bu higher to 17¢ a bu lower last
week. The December future became the basic
contract at a 12c discount to the September.
Wheat offers and shipments for application
to contracts were brisk. " They're in gut
slot harvest up there, so guys are loading supplies
out just as quickly as possible, " a merchandiser
said. " Spring wheat futures are
in a large inverse as well, so there's no real
incentive for elevators to carry anything. "
The US Department of Agriculture in its
weekly Crop Progress report said the spring
wheat harvest by Aug. 15 was 58% completed,
well ahead of 28% a year earlier and 36% as
recent five-year average progress for the
date. Combining was 57% completed in Idaho,
92% in Minnesota, 54% in Montana, 48% in
North Dakota, 80% in South Dakota, and 62%
in Washington.
The USDA rated the condition of the crop
at 11% good to excellent, unchanged from the
prior week, and 63% poor to very poor.
The North Dakota Wheat Commission in
24
33
60
70
+57 Sep.
+65 Sep.
+65 Dec.
+70 Dec.
For shipment
Year ago
Bid
+135 Sep.
+145 Sep.
+150 Dec.
+150 Dec.
115
135
155
175
95
AN FM
Basis Kansas City, cents per bu
PACIFIC NORTHWEST
Aug. 20
Bid
September
October
$ per bu
No. 1 Hard 11.5%, Track, Portland
August
September
October
September
October
1.60
1.65
1.60
Basis Kansas City future, $ per bu
No. 1 Spring 14%, Track, Portland
August
1.40
1.40
1.45
Basis Minneapolis future, $ per bu
its weekly update said, " Yields have been as
expected in most areas, which is well below
normal, but some areas in the eastern parts
of the region are reporting slightly better
than anticipated. Many areas in the western
and central parts of the region are seeing
very low yields, with higher-than-normal
levels of acres harvested for hay. "
In its weekly harvest report issued Aug.
20, US Wheat Associates said on the basis
of 152 of 445 expected samples, hard red
spring wheat was averaging 15.3% in protein
compared with 14.5% as the recent five-year
average. It was proving to be a solid crop and
was grading No. 1 dark northern spring.
SOFT RED. With the soft red winter wheat
harvest wrapped up, elevators loaded wheat
to clear space for the fall crop harvest. Mills
ensured their pipelines were filled to carry
them through expected slim wheat shipments
in the weeks ahead.
Nearby St. Louis-area mill bids on soft
red winter wheat through August were 47¢
under Chicago Sept., 11¢ lower. Toledo mill
bids through September were 15¢ over Chicago
Sept. Elevator bids were 3¢ over Chicago
Sept. The Cincinnati elevator bid was
13¢ under Chicago Sept. Michigan mill soft
white winter wheat bids were 10¢ to 25¢ over
Chicago Sept.; soft red winter wheat mill
bids were 5¢ under Sept. to 10¢ over. Gulf
bids on soft red winter wheat for nearby
were 18¢ over Chicago Sept. MBN
MILLING & BAKING NEWS 33
+.20
+.10
-
+.05
+.10
-
0.95
1.00
1.00
-.10
-.10
-.10
-
-
-
1.40
1.50
1.60
9.85
9.80
9.80
Aug. 13
No. 1 Soft White, Track, Portland
August
-
-
-
NO.1 HARD WINTER PREMIUMS, 12.2%
- Change from -
Aug. 6
+.80
+.85
+.85
Year
ago
5.20
5.37
5.42
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Milling & Baking News - August 24, 2021

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