Milling & Baking News - December 26, 2023 - 35

Dec. 22
Premium
11.2%
Ordinary 90 @ 100
11%
97 @ 107
99 @ 109
11.4% 110 @ 120
11.6% 110 @ 120
11.8% 110 @ 120
12%
12.2%
110 @ 120
115 @ 125
12.4% 124 @ 134
12.6% 155 @ 165
12.8% 155 @ 165
13%
13.2%
165 @ 175
165 @ 175
13.4% 165 @ 175
13.6% 165 @ 175
13.8% 165 @ 175
14%
165 @ 175
NO. 1 HARD WINTER
- Change from -
-
Dec. 15
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Basis Kansas City March, cents per bu
Cash Wheat
HARD WINTER. The hard red winter wheat
basis in Kansas City was unchanged last week.
Limited spot wheat offers precluded a thorough
basis test. More than half of the wheat
offered in Kansas City had good spreading
capability to western destinations or over the
Chicago gateway. Traders suspected lackluster
mill demand for wheat would persist until
January. Fewer supplies would be needed to
sustain grind during holiday-shortened weeks.
The trading week opened on the heels of
major rains across the dry southern Plains,
including the top hard winter wheat production
state of Kansas. Cumulative moisture
maps indicated southwest Kansas benefited
from the largest rainfall totals in areas surrounding
Garden City, Dodge City and Liberal.
Northern Oklahoma also saw rain.
" Last time we had soaking December rain
like this was 2007, " Kansas Wheat chief executive
Justin Gilpin reminded Wheat Friends
readers. " It's been just what the wheat doctor
ordered. "
The US Department of Agriculture's
review of the latest US Drought Monitor said
winter wheat growing in drought was 58%
in Kansas (64% a week earlier), 27% in Texas
(31%), 3% in Colorado (3%), 9% in Nebraska (9%)
and none in South Dakota and Montana.
Salina wheat bids through March were
20¢ under KC March; June, 20¢ under July.
Hutchinson bids through January were
20¢ under KC March; June, 20¢ under July.
Wichita elevator bids through March were
15¢ under KC March; April, 15¢ under May;
May, 20¢ under May; June-July, 20¢ under
July. Gulf bids on 12%-protein hard red
winter wheat by rail to Houston for JanuaryMarch
were 145¢ over KC March.
HARD SPRING. Premiums on milling quality
hard red spring wheat in Minneapolis were
10¢ a bu higher to 20¢ a bu lower last week.
bakingbusiness.com
Dec. 8
+5 @ +5
-
Year
ago
Dec. 22
180 @ 190
180 @ 190
180 @ 190
+10 @ +10 180 @ 190
+10 @ +10 180 @ 190
+10 @ +10 180 @ 190
+10 @ +10
-
-
185 @ 195
185 @ 195
185 @ 195
+20 @ +20 185 @ 195
+20 @ +20 185 @ 195
+5 @ +5
+5 @ +5
+5 @ +5
+5 @ +5
+5 @ +5
+5 @ +5
185 @ 195
185 @ 195
185 @ 195
185 @ 195
185 @ 195
185 @ 195
Ordinary
11%
12%
13%
13.5%
NO. 1 HARD SPRING
- Change from -
Premium
. . .
. . .
. . .
. . .
120
220
320
. . .
. . .
Dec. 15
. . .
. . .
. . .
. . .
. . .
. . .
-
Dec. 8
. . .
. . .
. . .
. . .
-55
14% 200 @ 230 -20 @ +10 -25 @ +5
14.5%
15%
16%
17%
. . .
. . .
. . .
. . .
. . .
-
Year
ago
...
...
...
...
...
210 @ 240
200
240 @ 300
...
...
Basis Minneapolis March, delivered Chicago\beyond cents per bu
For shipment
GULF EXPORT BIDS AND OFFERS
Offer
Dec. 22
Bid
No. 1 Hard 12%, Track Gulf
December
January
...
February
March
December
January
February
March
+145 March
+145 March
+145 March
Basis Kansas City future, cents per bu
No. 2 Soft Red, c.i.f. New Orleans
...
+85 March
+85 March
+85 March
Basis Chicago future, cents per bu
Mill demand was limited by anticipation of
extra downtime over the holiday period with
most mills having adequately covered needs
heading into back-to-back holiday weeks.
Snow initially draped most of North
Dakota and Minnesota, but by the end of the
week, snow cover was limited to the northern
tier of North Dakota. There were no reports
wheat movement by rail was affected by
snow, and temperatures did not descend to
bitter cold levels that can wreak rail havoc.
The USDA's Drought Monitor review said
25% of spring wheat areas were in drought
on Dec. 19, unchanged from a week earlier.
The northern Plains were in far better shape
than a year earlier when 67% of US spring
wheat production areas were in drought. By
state, drought areas on Dec. 19 comprised 37%
in North Dakota (37% a week earlier), 40% in
Minnesota (40%) and 2% in Montana (1%).
Spring wheat stocks held in all positions at
Duluth, Minn., and Superior, Wis., ports on
Dec. 17, totaled 15,180,000 bus, down 92,000
bus, or 0.6%, from a week earlier, a third
consecutive week-over-week decline amid a
robust late-season wheat program via the St.
Lawrence Seaway, which was to close Jan. 4.
SOFT RED. Domestic trade was quiet and
wheat flowed to mills without complication.
Rail service was good in the Southeast
where it had been unusually dry for months
before some minor rains fell. Millers and
shippers huddled on logistics, " scaling
...
95
95
95
+120 March
+120 March
+120 March
+100 March
...
155
155
155
For shipment
Year ago
Bid
+157 March
+160 March
+160 March
+160 March
70
120
170
220
DM JS
PACIFIC NORTHWEST
Dec. 22
Bid
. . .
7.10
7.15
Dec. 15
No. 1 Soft White, Track, Portland
December
January
February
. . .
-
-
$ per bu
No. 1 Hard 11.5%, Track, Portland
December
January
. . .
February
January
February
1.20
1.20
Basis Kansas City future, $ per bu
No. 1 Spring 14%, Track, Portland
December
. . .
1.40
1.40
Basis Minneapolis future, $ per bu
things to the pace of a little bit lighter production
for the holidays, " a miller said.
Little 2023 soft wheat remained on farms
beyond what was being held for contracts
with specific mills, he said. Crop quality was
mixed, and most lower quality wheat had
been shifted to non-milling outlets already.
The USDA said soft winter wheat production
areas in drought mostly worsened in
the latest week, including a sharp jump in
moderate drought area in Ohio. Winter
wheat in areas of drought on Dec. 19 was 72%
in Missouri (68% a week earlier), 78% in Illinois
(78%), 87% in Indiana (52%), 36% in Ohio
(zero) and 3% in Michigan (1%).
St. Louis-area mill bids nearby through
December were the Chicago March price;
January, 5¢ over March; February-March,
25¢ over March; April, 35¢ over May; May,
44¢ over May; July, 15¢ over July. There was
no Toledo mill bid for December; JanuaryMarch,
35¢ under Chicago March; AprilMay,
35¢ under May; June, 25¢ under July;
July, 10¢ under July; August-September,
20¢ under September. Toledo elevator bids
nearby were 60¢ under Chicago March; new
crop, 24¢ under July. Cincinnati elevator
had no nearby bid. Michigan soft white winter
wheat mill bids were the Chicago March
price; soft red winter wheat mill bids were
60¢ under Chicago March. There was no center
Gulf barge c.i.f. December bid; JanuaryMarch,
85¢ over Chicago March; April, 85¢
over May; May, 75¢ over May. MBN
MILLING & BAKING NEWS 35
-
-
. . .
-
-
. . .
1.70
1.60
1.55
-
-
. . .
-
. . .
. . .
1.90
1.90
1.90
-
-
- Change from -
Dec. 8
. . .
Year
ago
8.55
8.55
8.55
NO. 1 HARD WINTER PREMIUM, 12.2%
basis Kansas City, cents per bu
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Milling & Baking News - December 26, 2023

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