Milling & Baking News - February 20, 2024 - 43

Feb. 16
NO. 1 HARD WINTER
- Change from -
Premium
11.2%
Feb. 9
120 @ 130 -10 @ -10
120 @ 130 -10 @ -10
Feb. 2
11.4% 120 @ 130 -10 @ -10
11.6% 125 @ 135 -5 @ -5
11.8% 125 @ 135 -5 @ -5
12%
12.2%
140 @ 150
140 @ 150
-
-
-
-
-
Year
ago
Feb. 16
Ordinary 120 @ 130 -5 @ -5 +15 @ +15 133 @ 143
11%
133 @ 143
133 @ 143
133 @ 143
+5 @ +5 133 @ 143
+5 @ +5 133 @ 143
133 @ 143
133 @ 143
-
-
12.4% 140 @ 150 -25 @ -25 -25 @ -25 133 @ 143
12.6% 140 @ 150 -25 @ -25 -25 @ -25 133 @ 143
12.8% 150 @ 160 -20 @ -20 -20 @ -20 133 @ 143
13%
13.2%
160 @ 170 -15 @ -15
160 @ 170 -15 @ -15
13.4% 160 @ 170 -15 @ -15
13.6% 160 @ 170 -15 @ -15
13.8% 160 @ 170 -15 @ -15
14%
160 @ 170 -15 @ -15
Basis Kansas City March, cents per bu
Cash Wheat
HARD WINTER. The hard red winter
wheat basis in Kansas City was unchanged
to 25¢ a bu lower last week.
Mills' pipelines were full with supplies for
the first time since December, and the Kansas
City basis weakened as a result as few mills
were seeking spot supplies. But some mills
were still looking, and one merchandiser said
the basis may likely drop further to satisfy
buyers shopping around for deals or for fillin
supplies of the right protein.
" If it's cheap, they'll take a look, otherwise
they're not interested, " he said.
Heading into Super Bowl weekend, bidoffer
spreads were chiefly 10¢ a bu apart but
widened to 15¢ a bu by the past week's end.
Applications on contracts were steady
and much improved after falling behind last
month due to winter weather delays. Rail
progress also was strong for most carriers,
though one carrier still was lagging.
To-arrive business was quiet and not
expected to stir given the current and likely
sustained weakness in wheat futures, but a
few conversations were initiated. More talks
developed on wheat trade to the Texas Gulf
for export. Wheat harvest in southern Texas
could begin May 5-15 with northern Texas
growers combining first bushels in June.
Salina wheat bids through March were
20¢ under KC March; June, 20¢ under July.
Hutchinson bids nearby were 20¢ under KC
March; June, 20¢ under July. Wichita elevator
bids through March were 20¢ under KC
March; May through July were 50¢ under
July. Gulf bids on 12%-protein hard red winter
wheat by rail into Houston for March were
165¢ over KC March; April-May, 170¢ over May.
HARD SPRING. Premiums on milling quality
hard red spring wheat in Minneapolis
were 40¢ a bu higher to 20¢ lower last week.
Moderate volume of 144 single rail cars and
bakingbusiness.com
-15 @ -15
-15 @ -15
-15 @ -15
-15 @ -15
-15 @ -15
-15 @ -15
133 @ 143
133 @ 143
133 @ 143
133 @ 143
133 @ 143
133 @ 143
Ordinary
11%
12%
13%
13.5%
NO. 1 HARD SPRING
- Change from -
Premium
. . .
. . .
. . .
140
. . .
Feb. 9
. . .
. . .
. . .
. . .
. . .
. . .
Feb. 2
. . .
. . .
. . .
. . .
. . .
. . .
15% 220 @ 280 +15 @ +40 -26 @ 0
16%
17%
. . .
. . .
. . .
. . .
. . .
. . .
Year
ago
...
...
...
...
95 @ 130
14% 150 @ 180 -20 @ +5 -50 @ -59 130 @ 180
14.5% 150 @ 205
110
160 @ 230
...
...
Basis Minneapolis March, delivered Chicago\beyond cents per bu
For shipment
GULF EXPORT BIDS AND OFFERS
Feb. 16
Offer
Bid
No. 1 Hard 12%, Track Gulf
February
...
March
April
May
February
March
April
May
+165 March
+170 May
+170 May
+90 March
+90 March
+85 May
+70 May
Basis Chicago future, cents per bu
two trains for the week were received in Minneapolis
for application on contract or for
cash sale. Both trains contained benchmark
14%-protein wheat and pulled both sides of
price range sharply lower near week's end.
Joining the protein lineup for the first time
since late January was 13%-wheat, offered at
140¢ over Minneapolis March.
Spring wheat stocks held at Lake Superior
ports of Duluth, Minn., and Superior, Wis., on
Feb. 11 totaled 12,011,000 bus, down 2% from
12,288,000 bus a week earlier and down 8%
compared with 13,013,000 bus a year earlier.
Southern Canadian prairies and North
Dakota-Minnesota cropping districts along
Red River received light to moderate snow.
About half of North Dakota and most of Minnesota
were under snow cover.
The US Department of Agriculture said
22% of spring wheat areas were in drought
on Feb. 13, down from 27% a week earlier and
much improved from 64% at the same time a
year ago.
The USDA at its Agricultural Outlook
Forum projected combined spring and durum
wheat plantings for 2024 slightly lower than
in 2023 due to competition from other crops
(mainly oilseeds) in the Northern Plains that
have relatively higher expected net returns.
SOFT RED. Soft red winter wheat mill bids
mostly were unchanged. Tightening spreads
and a lack of carries had some commercial
elevators liquidating soft wheat the past 10
Basis Kansas City future, cents per bu
No. 2 Soft Red, c.i.f. New Orleans
+100
+100
+95
+80
+90 March
+90 March
+90 May
+75 May
...
+175
+180
+180
For shipment
Year ago
Bid
+150 March
+152 March
+158 May
+158 May
70
120
170
220
FM AN
PACIFIC NORTHWEST
Feb. 16
Bid
...
March
April
$ per bu
No. 1 Hard 11.5%, Track, Portland
February
March
April
March
April
1.70
1.60
1.60
Basis Kansas City future, $ per bu
No. 1 Spring 14%, Track, Portland
February
...
1.60
1.55
Basis Minneapolis future, $ per bu
days. Much of the supply traded to exporters.
But some mills extended March-AprilMay
coverage in that time, via rail or, in case
of Michigan, by truck. Those trades were
in relatively small volumes as mills were
mostly comfortable with coverage.
" Pretty big inverse to May presumes
start to new crop bushels in the South at that
time, " he said. " No one wants to buy May
wheat and receive it on last day of month.
March and July futures prices are roughly
the same, a signal to sell wheat today, handle
it again at new crop rather than lose money
financing and carrying supplies. "
St. Louis-area mill bids through February
were 10¢ over Chicago March; March,
20¢ over March; April-May, 25¢ over May;
June-July, 17¢ over July; August, 1¢ over
September; September, 5¢ over September;
October, 5¢ over December. Toledo mill
had no bid for February; March, 35¢ under
Chicago March; April-May, 35¢ under May;
June, 25¢ under July; July, 10¢ under July;
August-September, 20¢ under September.
Toledo elevator bids through February were
55¢ under Chicago March; May, 40¢ under
May; new crop, 24¢ under July. Cincinnati
elevator had no nearby bid. Michigan soft
white winter wheat mill bids were 10¢ under
Chicago March; soft red winter wheat mill
bids were 40¢ under Chicago March. Gulf
bids for exports crept 5¢ to 10¢ a bu higher
through July, except May, prices for which
can be tricky to define, a trader said. MBN
MILLING & BAKING NEWS 43
-
+.05
. . .
-
+.05
. . .
1.30
1.35
1.45
-
-
-
-
-
-
1.90
1.80
1.80
6.45
6.45
Feb. 9
No. 1 Soft White, Track, Portland
February
. . .
-.20
-.20
- Change from -
Feb. 2
. . .
-.20
-.20
Year
ago
8.65
8.65
8.60
NO. 1 HARD WINTER PREMIUM, 12.2%
basis Kansas City, cents per bu
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Milling & Baking News - February 20, 2024

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