Milling & Baking News - February 7, 2023 - 43

Feb. 3
NO. 1 HARD WINTER
- Change from -
Premium
11.2%
Jan. 27
Jan. 20
Year
ago
Feb. 3
Ordinary 165 @ 175 -2 @ -2 +12 @ +12 160 @ 170
11%
176 @ 186 +1 @ +1 +23 @ +23 168 @ 178
176 @ 186 +1 @ +1 +23 @ +23 170 @ 180
11.4% 176 @ 186 +1 @ +1 +23 @ +23 200 @ 210
11.6% 176 @ 186 +1 @ +1 +23 @ +23 200 @ 210
11.8% 176 @ 186 +1 @ +1 +23 @ +23 200 @ 210
12%
12.2%
186 @ 196 +6 @ +6 +33 @ +33 210 @ 220
186 @ 196 +6 @ +6 +33 @ +33 210 @ 220
12.4% 186 @ 196 +6 @ +6 +33 @ +33 210 @ 220
12.6% 186 @ 196 +6 @ +6 +21 @ +21
210 @ 220
12.8% 186 @ 196 +6 @ +6 +21 @ +21 220 @ 230
13%
13.2%
186 @ 196 +6 @ +6 +21 @ +21 230 @ 240
186 @ 196 +6 @ +6 +21 @ +21 230 @ 240
13.4% 186 @ 196 +6 @ +6 +21 @ +21 230 @ 240
13.6% 186 @ 196 +6 @ +6 +21 @ +21 230 @ 240
13.8% 186 @ 196 +6 @ +6 +21 @ +21 230 @ 240
14%
186 @ 196 +6 @ +6 +21 @ +21 230 @ 240
Basis Kansas City March, cents per bu
Cash Wheat
HARD WINTER. The hard red winter wheat
basis in Kansas City was 6¢ a bu higher to
2¢ lower last week. Uniform 6¢ increases
spanned middle and upper proteins. Ordinary
wheat posted the only decline.
A quiet spot market featured fewer cars
compared with most trading days in January.
The lack of cars surprised some traders considering
the recent run-up in wheat futures
and basis premiums in concert with rail
freight price declines. Cold temperatures and
cars cycling back after robust January deliveries
were the primary constraints.
On Feb. 1, Union Pacific railroad lowered
its fuel surcharge per car by 11¢ per mile.
Some traders were able to hold back loaded
cars until mid-week to take advantage of savings
roughly equivalent to 4¢ to 5¢ a bu.
At mid-week, traders said it appeared
some pipelines were flush with wheat or even
" stuffed, " and millers initially met offers with
below-high-side bids. The exception was wheat
cars with billing for specific origins and destinations
on select railroads including some
terminal load-outs in Kansas City and Omaha,
Neb. Those supplies had multiple bidders and
traded above high side in a few cases.
At the end of the week, supplies were met
with more spirited bidding that took middle
and high proteins above high side.
The US Department of Agriculture's
assessment of the Jan. 31 US Drought Monitor
indicated 58% of winter wheat areas were
in drought, down from 59% a week earlier.
The National Oceanic and Atmospheric
Administration's monthly precipitation outlook
for February was " leaning above-normal "
for northern Texas, most of Oklahoma,
the southeastern corner of Kansas and the
entire state of Montana.
The USDA on Jan. 30 rated the dormant
winter wheat crop in Kansas at 2% excellent,
19% good, 32% fair, 27% poor and 20%
bakingbusiness.com
Ordinary
11%
12%
13%
13.5%
NO. 1 HARD SPRING
- Change from -
Premium
. . .
. . .
. . .
. . .
. . .
160
. . .
. . .
Jan. 27
. . .
. . .
. . .
. . .
. . .
+20
. . .
. . .
Jan. 20
. . .
. . .
. . .
. . .
. . .
14% 120 @ 205 -15 @ -15 -80 @ -35
14.5%
0 @ -10
. . .
. . .
Year
ago
...
...
...
...
180
170
180
15% 140 @ 240 -45 @ -40 -160 @ -60 160 @ 230
16%
17%
185
...
Basis Minneapolis March, delivered Chicago\beyond cents per bu
For shipment
GULF EXPORT BIDS AND OFFERS
Feb. 3
Offer
Bid
No. 1 Hard 12%, Track Gulf
February
March
April
May
February
March
April
May
+155 March
+155 March
+157 May
+157 May
+100 March
+100 March
+90 May
+75 May
Basis Chicago future, cents per bu
very poor, an improvement from 19% good
to excellent on Jan. 1. Elsewhere, good-toexcellent
ratings were 17% in Oklahoma (38%
a month earlier); 14% in Texas (11%); 38% in
Colorado (50%, all good); 22% in Nebraska
(18%); 22%, all good, in South Dakota (16%, all
good); and 16% in Montana (22%).
Salina wheat bids nearby were 15¢ under
KC March. Hutchinson wheat bids through
February were 15¢ under KC March. Wichita
elevator bids through March were 6¢
under KC March. Gulf bids on 12%-protein
hard red winter wheat nearby through
March were $1.55 over March, unchanged;
April-May, $1.57 over May, up 3¢.
HARD SPRING. Premiums on milling quality
hard red spring wheat in Minneapolis
were 20¢ a bu higher to 45¢ lower last week.
Benchmark 14% protein dropped 15¢ a bu
while 14.5% protein notched the week's only
advance. Spot trading was quiet.
The Upper Midwest remained mostly in
abnormally dry to severe drought, the USDA
said in its appraisal of the Jan. 31 US Drought
Monitor, while a significant area of northern
Montana was rated in " extreme drought. "
The USDA said 64% of spring wheat areas
were in drought. NOAA's monthly outlook
for February leaned toward above-normal
precipitation for northern Minnesota, most
of North Dakota and all of Montana.
The Great Lakes/St. Lawrence Seaway
System's 2022 End-of-Navigation report said
+165
+165
+167
+167
Basis Kansas City future, cents per bu
No. 2 Soft Red, c.i.f. New Orleans
...
...
...
+90
+120 March
+115 March
+110 May
...
For shipment
Year ago
Bid
+205 March
+195 March
+185 May
+185 May
85
135
185
235
285
335
FM AN
PACIFIC NORTHWEST
Feb. 3
Bid
March
April
$ per bu
No. 1 Hard 11.5%, Track, Portland
February
March
April
March
April
1.90
1.90
1.90
Basis Kansas City future, $ per bu
No. 1 Spring 14%, Track, Portland
February
1.50
1.50
1.55
Basis Minneapolis future, $ per bu
9,876,000 tonnes of all grains moved through
the system in the year, down 733,000 tonnes,
or 7%, from 10,609,000 tonnes in 2021. Total
cargo in 2022 was down 5% from 2021.
SOFT RED. The spot market was quiet and
most mills sustained grind on inventory and
contract applications.
" We're not seeing much activity at all from
the grower, on new crop or any further out, " a
Michigan miller said. " Prices have come down
quite a bit, and that has turned off some of the
flow, or the sentiment at least. "
The USDA in select states issued monthly
crop updates for January. Good-to-excellent
winter wheat ratings on Jan. 30 were 69% in
Illinois up from 68% a month earlier.
St. Louis-area mill bids on soft red winter
wheat through March were 65¢ over Chicago
March; April-May, 70¢ over May. Toledo
mill had no bid through March; April-May,
10¢ under Chicago May; new crop 10¢ under
July. Elevator bids nearby were 25¢ under
Chicago March; new crop 25¢ under July.
Cincinnati elevator had no nearby bid; new
crop, 45¢ under Chicago July. Michigan
soft white winter wheat mill bids were 10¢
under Chicago March to 10¢ over; new crop
10¢ under July to 10¢ over; soft red winter
wheat mill bids were 15¢ to 20¢ under Chicago
March; new crop 15¢ to 35¢ under July.
Gulf bids on soft red winter wheat nearby
through March were 100¢ over Chicago
March; April, 90¢ over May. MBN
MILLING & BAKING NEWS 43
-.20
-.05
-
-.20
-.05
-
1.10
1.10
. . .
-
-
-
-
-
-
2.00
2.00
2.00
8.32
8.32
8.32
Jan. 27
No. 1 Soft White, Track, Portland
February
-.18
-.18
-.18
- Change from -
Jan. 20
-.18
-.18
-.18
Year
ago
...
...
...
NO. 1 HARD WINTER PREMIUM, 12.2%
basis Kansas City, cents per bu
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Milling & Baking News - February 7, 2023

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