Milling & Baking News - May 17, 2022 - 41

May 13
11.2%
NO. 1 HARD WINTER
- Change from -
Premium
May 6
Apr. 29
Year
ago
May 13
Ordinary 215 @ 225 -75 @ -75 -60 @ -60 150 @ 160
11%
215 @ 225 -75 @ -75 -60 @ -60 150 @ 160
215 @ 225 -85 @ -85 -60 @ -60 150 @ 160
11.4% 215 @ 225 -85 @ -85 -60 @ -60 150 @ 160
11.6% 215 @ 225 -90 @ -90 -60 @ -60 150 @ 160
11.8% 215 @ 225 -90 @ -90 -60 @ -60 150 @ 160
12%
12.2%
215 @ 225 -90 @ -90 -60 @ -60 150 @ 160
215 @ 225 -90 @ -90 -60 @ -60 150 @ 160
12.4% 215 @ 225 -60 @ -60 -60 @ -60 150 @ 160
12.6% 215 @ 225 -60 @ -60 -60 @ -60 150 @ 160
12.8% 215 @ 225 -60 @ -60 -60 @ -60 150 @ 160
13%
13.2%
215 @ 225 -30 @ -30 -60 @ -60 150 @ 160
215 @ 225 -30 @ -30 -60 @ -60 150 @ 160
13.4% 215 @ 225 -30 @ -30 -60 @ -60 150 @ 160
13.6% 215 @ 225 -30 @ -30 -60 @ -60 150 @ 160
13.8% 215 @ 225 -30 @ -30 -60 @ -60 150 @ 160
14%
215 @ 225 -30 @ -30 -60 @ -60 150 @ 160
Basis Kansas City July, cents per bu
Cash Wheat
HARD WINTER. The hard red winter
wheat basis in Kansas City was 30@90¢ a bu
lower last week. Cash wheat premiums initially
were unsettled, posting advances and
declines before shifting definitively to the
downside after midweek.
The late week slump in the basis coincided
with a surge in Kansas City wheat futures
after the US Department of Agriculture in
its May Crop Production report projected
the 2022 hard red winter wheat outturn at
590 million bus, down 21% from 2021 and
well below the average of trade expectations
at 685 million bus. The USDA forecast the
Kansas crop at 271 million bus, down 26%
from 2021 based on a projected yield of 39
bus per acre, down 25% from 2021.
A trader said the wholesale downside
shift across the basis was " mostly a reaction
to the number of cars around, " an indicator
that " railroads seem to be doing a better job. "
The market for to-arrive wheat saw some
new crop trades for October-December, but
only in small volumes. The trades mostly
comprised wheat with specific qualities
required by certain milling locations, a
trader said.
The USDA in its weekly Crop Progress
report said winter wheat rated good to excellent
on May 8 was 28% in Kansas (25% a week
earlier), 20% in Oklahoma (17%), 7% in Texas
(8%), 11% in Colorado (12%), 33% in Nebraska
(25%), 30% in South Dakota (25%) and 13% in
Montana (12%). Winter wheat headed was
30% in Kansas (34% as the 2017-21 average for
the date), 60% in Oklahoma (81%) and 76% in
Texas (80%).
Salina wheat bids nearby through July
were 15¢ under KC July; new crop, 15¢
under Sept. Hutchinson wheat bids nearby
through June were 15¢ under KC July; new
crop, 15¢ under September. Wichita elevator
bakingbusiness.com
Ordinary
11%
12%
13%
13.5%
NO. 1 HARD SPRING
- Change from -
Premium
. . .
. . .
. . .
. . .
. . .
May 6
. . .
. . .
. . .
. . .
. . .
14% 130 @ 180 -50 @ 0
. . .
. . .
. . .
. . .
Apr. 29
. . .
. . .
. . .
. . .
. . .
-50 @ -20
14.5% 120 @ 135 +10 @ -65 -30 @ -15
. . .
. . .
Year
ago
...
...
...
...
120
110 @ 150
130
15% 110 @ 210 -70 @ -20 -70 @ -20 125 @ 150
16%
17%
...
...
Basis Minneapolis July, delivered Chicago\beyond cents per bu
For shipment
May
GULF EXPORT BIDS AND OFFERS
Offer
May 13
Bid
No. 1 Hard 12%, Track Gulf
+173 July
June
July
August
May
June
July
August
+165 July
+165 July
+162 Sep.
+50 July
+25 July
+25 July
+30 Sep.
Basis Chicago future, cents per bu
bids through May 14 were 57¢ under KC July;
last-half May through July, 25¢ under July.
Gulf bids on 12%-protein hard red winter
wheat for nearby were 173¢ over KC July,
unchanged; June-July 165¢ over July.
HARD SPRING. Premiums on milling quality
hard red spring wheat in Minneapolis
were 10¢ a bu higher to 70¢ lower last week.
The North Dakota Wheat Commission in its
weekly update said spring wheat and durum
planting remained " painfully slow. " Continued
precipitation was more a burden than a benefit,
the commission said. " Some areas received
2 to 4 inches in a short amount of time, further
saturating fields and causing additional flooding, "
the NDWC said. " The precipitation plus
cooler weather did little to dry things out.
" Producers are hoping weather cooperates
so they can begin fieldwork in next
week to ten days. Conditions are similar in
Minnesota, but Montana and areas of South
Dakota have seen better planting progress
as drier conditions have prevailed. "
The USDA said 27% of the US spring wheat
crop was planted by May 8, advancing from
19% a week earlier and compared with 67%
a year ago and 47% as the recent five-year
average for the date. Seeding completion
was 8% in North Dakota (5% a week earlier),
63% in South Dakota (48%), 2% in Minnesota
(1%), 50% in Montana (31%), 72% in Idaho (57%)
and 86% in Washington (75%). Spring wheat
emergence by May 8 was 9% compared with
183
175
175
172
Basis Kansas City future, cents per bu
No. 2 Soft Red, c.i.f. New Orleans
90
50
50
50
+100 July
+62 July
+62 July
+65 Sep.
For shipment
Year ago
Bid
+160 July
+160 July
+160 July
+160 Sep.
135
185
235
285
335
385
85
MA NF
PACIFIC NORTHWEST
May 13
Bid
June
July
$ per bu
No. 1 Hard 11.5%, Track, Portland
1.00
June
July
May
June
July
1.00
0.85
Basis Kansas City future, $ per bu
No. 1 Spring 14%, Track, Portland
0.80
0.80
0.70
-
-
-.05
Basis Minneapolis future, $ per bu
5% a week earlier, 27% a year ago and 15% as
the average.
SOFT RED. Winter wheat producers have
sold all the new crop wheat they intended to
by this date and were now holding back to
get a better idea of this year's crop size, quality
and proteins. Farmers also were ramping
up fall crop seeding, a Michigan miller said.
" In general, Michigan's been on the wet
side, " he said. " Moisture levels are OK, but
drier weather would be welcomed. "
The USDA on May 12 forecast 2022 soft
red winter wheat production at 354 million
bus, down 2% from 2021.
The USDA said winter wheat rated good to
excellent on May 8 was 63% in Missouri, 45%
in Illinois, 61% in Indiana, 56% in Ohio and
45% in Michigan.
St. Louis-area mill bids on soft red winter
wheat for nearby were 10¢ over Chicago July.
Toledo mill bids for nearby through September
were the Chicago September price;
October-December, 20¢ over December. The
elevator nearby bid was 15¢ under Chicago
July; new crop, 15¢ under July. The Cincinnati
elevator had no nearby bid; new crop,
75¢ under Chicago July. Michigan soft white
winter wheat mill bids for nearby into new
crop were 25¢ over Chicago Sept.; soft red
winter wheat mill bids for nearby into new
crop were 15¢ over Sept. Gulf bids on soft red
winter wheat for May were 50¢ over Chicago
July; June-July, 25¢ over July. MBN
MILLING & BAKING NEWS 41
-
-
. . .
1.25
1.20
1.15
-
-
-.15
May
-
-
+.10
1.20
1.20
1.20
. . .
. . .
. . .
May 6
No. 1 Soft White, Track, Portland
May
. . .
. . .
. . .
NO. 1 HARD WINTER PREMIUMS, 12.2%
- Change from -
Apr. 29
. . .
. . .
. . .
Year
ago
7.90
8.00
7.90
basis Kansas City, cents per bu
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Milling & Baking News - May 17, 2022

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