Milling & Baking News - December 28, 2021 - 41

Dec. 23
NO. 1 HARD WINTER
- Change from -
Premium
11.2%
Dec. 17
Dec. 10
Year
ago
Dec. 23
Ordinary 290 @ 300 +95 @ +95 +65 @ +65 90 @ 100
11%
320 @ 330 +75 @ +75 +95 @ +95 120 @ 130
320 @ 330 +75 @ +75 +95 @ +95 130 @ 140
11.4% 345 @ 355 +90 @ +90 +120 @ +120 150 @ 160
11.6% 370 @ 380 +95 @ +95 +145 @ +145 150 @ 160
11.8% 370 @ 380 +45 @ +45 +105 @ +105 150 @ 160
12%
12.2%
370 @ 380 +45 @ +45 +85 @ +85 154 @ 164
370 @ 380 +45 @ +45 +85 @ +85 150 @ 160
12.4% 380 @ 390 +55 @ +55 +90 @ +90 150 @ 160
12.6% 380 @ 390 +55 @ +55 +90 @ +90 150 @ 160
12.8% 380 @ 390 +50 @ +50 +90 @ +90 150 @ 160
13%
13.2%
380 @ 390 +50 @ +50 +90 @ +90 141 @ 151
380 @ 390 +50 @ +50 +90 @ +90 141 @ 151
13.4% 380 @ 390 +50 @ +50 +90 @ +90 141 @ 151
13.6% 380 @ 390 +50 @ +50 +90 @ +90 141 @ 151
13.8% 380 @ 390 +50 @ +50 +90 @ +90 141 @ 151
14% 380 @ 390 +50 @ +50 +90 @ +90 141 @ 151
Basis Kansas City March, cents per bu
Cash Wheat
HARD WINTER. Premiums on hard red
winter wheat in Kansas City were 45¢ to 95¢
higher last week, driven by the relationship
to hard red spring wheat and indicative of
millers' appetites for wheat at all protein
levels as the glacial pace of rail service put
shippers sharply behind in their contractual
obligations heading into the winter season.
" It's literally just an execution and application
issue at this point in the game, " a
grain buyer for a major miller said.
High-protein premiums were the highest
since striking $6.10 over the Kansas City
future in March 2008, when short crops in
several key exporting countries triggered a
surge in world wheat prices.
Millers continued to monitor arrivals with
interest. The basis ripped sharply higher
the first half of the holiday-shortened week.
Enthusiastic bidding early was tempered as
the week wore on. Middle and high protein
levels dropped back modestly at mid-week as
the market pondered the price correlation to
hard red spring wheat, which was available at
$3.20 KC equivalent. Some traders surmised
some spring wheat volume came to market,
bringing the discussion to the forefront.
Some market participants saw little incentive
to pay higher premiums for hard red
winter wheat, but basis committee discussions
reiterated the reality that 100% spring
wheat wasn't feasible in some blends.
Market analysts continued to monitor dryness
in western hard red winter wheat areas.
" Some acres no doubt are gone, " K-State
Extension agronomist Lucas Haag told
Reuters. " But there is probably a larger set of
acres severely damaged, and the weather we
get from here on out will play a role. "
A central Kansas miller observing
regional fields from the road said a majority
of the hard winter wheat crop was in good
bakingbusiness.com
Ordinary
11%
12%
13%
13.5%
NO. 1 HARD SPRING
- Change from -
Premium
. . .
. . .
. . .
. . .
. . .
200
. . .
. . .
Dec. 17
. . .
. . .
. . .
. . .
. . .
+70
. . .
. . .
Dec. 10
. . .
. . .
. . .
. . .
. . .
14% 160 @ 175 +15 @ +30 +35 @ +45
14.5%
+70
15% 150 @ 200 -15 @ +20 +25 @ +20
16%
17%
. . .
. . .
For shipment
GULF EXPORT BIDS AND OFFERS
Offer
Dec. 23
Bid
No. 1 Hard 12%, Track Gulf
December +195 March
January
February
March
+195 March
+195 March
+195 March
December +95 March
+95 March
+95 March
+95 March
January
February
March
Basis Chicago future, cents per bu
condition with healthy stands and good color.
Supply ideas reversed in the southern
Plains, a trader said. Texas panhandle growers
near Stratford initially thought their
crop was to be scrapped or of non-milling
quality to be sold into feed channels. But
last week, a good volume of milling-quality
bushels were sold from the area.
Salina wheat bids through December
were 13¢ under KC March; January-March,
10¢ under March. Hutchinson wheat bids
through December were 13¢ under KC
March; new crop, 10¢ under July. Wichita
elevator bids through February were 15¢
under KC March; new crop, 20¢ under July.
Gulf bids on 12%-protein hard red winter
wheat through March were 195¢ over March.
HARD SPRING. Premiums on milling quality
hard red spring wheat in Minneapolis
were 30¢ a bu higher to 15¢ lower last week.
Spot offers were fairly limited in the holidayshortened
week.
" Rail cars are tough to get; elevators and
railroads just don't have the labor to load and
ship extensively right now, " an analyst said.
The basis continued to trade mostly in its
recent range as the hard winter basis surged.
" There was brief window where mills
perked up and the basis advanced, but then
they couldn't take many cars in, or they saw
better basis opportunities further around
the curve, " she said.
Ideas were that spring wheat mills were
205
205
205
205
Basis Kansas City future, cents per bu
No. 2 Soft Red, c.i.f. New Orleans
110
110
110
110
+100 March
+95 March
+95 March
+95 March
Year
ago
...
...
...
...
...
130
120
...
...
...
Basis Minneapolis March, delivered Chicago\beyond cents per bu
For shipment
Year ago
Bid
+152 March
+160 March
+160 March
+160 March
115
135
155
175
195
95
DM JS
Basis Minneapolis, cents per bu
PACIFIC NORTHWEST
Dec. 23
Bid
11.20
11.20
11.20
February
January
February
1.65
1.65
1.65
Dec. 17
No. 1 Soft White, Track, Portland
December
January
February
-
-
-
$ per bu
No. 1 Hard 11.5%, Track, Portland
December
January
-
-
-
Basis Kansas City future, $ per bu
No. 1 Spring 14%, Track, Portland
December
1.00
1.00
1.00
Basis Minneapolis future, $ per bu
well-positioned through March, and firming
April-June prices could indicate increased
mill interest.
SOFT RED. Mill bids mostly were unchanged
last week. St. Louis-area nearby mill bids on
soft red winter wheat were 45¢ over Chicago
March; January-March, 50¢ over March.
Toledo mill bids nearby were 30¢ over Chicago
March; January-March, 30¢ over March.
Elevator bid was 15¢ under Chicago March
nearby; new crop, 5¢ under July. Cincinnati
elevator had no nearby bid on soft wheat but
quoted new crop at 26¢ under Chicago July.
Michigan mill soft white winter wheat bids
were 25@30¢ over Chicago March; soft red
winter wheat mill bids were 10@15¢ over
March. Gulf bids on soft red winter wheat
were 95¢ over Chicago March, unchanged.
The soft winter wheat crop was on the path
to dormancy in mixed condition, a Michigan
miller said. Early planted wheat was in good
shape after significant October rains.
" The later-planted wheat isn't as good, but
mild weather we're having has been advantageous,
giving those plants more time to germinate
and grow a little bit rather than just going
into a lock-down, cold winter situation, " he said.
Mill grind in Michigan maintained a brisk
pace heading into Christmas. A combination
of back-to-back holidays falling on weekends
and robust flour demand had millers there
planning shorter downtime and less maintenance
than is typical for Christmas week. MBN
MILLING & BAKING NEWS 41
-
-
-
-
-
-
1.15
1.25
1.25
-
-
-
1.55
1.60
1.60
NO. 1 HARD SPRING PREMIUMS, 14%
- Change from -
Dec. 10
-
-
-
Year
ago
6.40
6.58
6.62
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Milling & Baking News - December 28, 2021

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