Milling & Baking News - May 18, 2021 - 49

NO. 1 HARD WINTER
	
	

Ordinary	
11%	
11.2%	
11.4%	
11.6%	
11.8%	
12%	
12.2%	
12.4%	
12.6%	
12.8%	
13%	
13.2%	
13.4%	
13.6%	
13.8%	
14%	

May 14		
Premium		

	- Change from -	
May 7			Apr. 30	

150	@	160		-		
150	@	160		-		
150	@	160		-		
150	@	160		-		
150	@	160		-		
150	@	160		-		
150	@	160		-		
150	@	160		-		
150	@	160		-		
150	@	160		-		
150	@	160		-		
150	@	160		-		
150	@	160		-		
150	@	160		-		
150	@	160		-		
150	@	160		-		
150	@	160		-		

+32	@	+32	
+32	@	+32	
+32	@	+32	
+21	@	+21	
+15	@	+15	
+15	@	+15	
+15	@	+15	
+15	@	+15	
+15	@	+15	
+15	@	+15	
+13	@	+13	
+13	@	+13	
+13	@	+13	
+13	@	+13	
+12	@	+12	
+12	@	+12	
+12	@	+12	

NO. 1 HARD SPRING
Year
ago

85	@	95
92	@	102
92	@	102
92	@	102
100	@	110
105	@	115
117	@	127
117	@	127
117	@	127
126	@	136
126	@	136
135	@	145
135	@	145
135	@	145
135	@	145
140	@	150
150	@	160

Basis Kansas City July, cents per bu

Cash Wheat
HARD WINTER. Premiums on hard
red winter wheat in Kansas City were
unchanged last week, the basis remaining
flat from top to bottom at 150@160¢ over the
Kansas City July future.
The flat nearby basis was due in part to
wheat moving into feed channels for inclusion in rations through June, thus competing
with higher-priced corn. Also supporting
the flat basis was continuing dissatisfaction
with Class 1 railroads' placement of rail cars
for loading at origins, which remained two
weeks to as much as 40 days behind schedule.
Spot offers were well received, but
pipelines were comfortable and millers
weren't clamoring for more supply. No additional cars were offered by Union Pacific
in its weekly auction. The BNSF railroad
announced rate hikes for hauling wheat in
its southern US region beginning Oct. 1.
Forward wheat transactions were limited.
Bids and offers were 10@15¢ apart, and ideas
were sellers had padded prices somewhat
due to the uncertainty regarding the crop's
protein.
Hard red winter wheat crop conditions
were mixed compared with the previous
week. The US Department of Agriculture
in its weekly Crop Progress report pegged
the percentage of good-to-excellent wheat on
May 9 at 53% in Kansas (55% a week earlier),
59% in Oklahoma (54%), 30% in Texas (24%),
28% in Colorado (32%), 41% in Nebraska (42%),
41% in South Dakota (38%) and 49% in Montana (46%).
Salina wheat bids through June were
5c over KC July. Hutchinson wheat bids
through July were 5¢ over KC July. Wichita
elevator bids through July were 5¢ under KC
July. Gulf bids on 12%-protein hard red winter wheat for nearby were 160¢ over KC July;
June-July, 160¢ over July.
bakingbusiness.com	

		 May 14		
	- Change from -	Year
		 Premium		 May 7		
Apr. 30	
ago

Ordinary		. . .			. . .			. . .			...	
11%		. . .			. . .			. . .			...	
12%		. . .			. . .			. . .			...	
13%		. . .			. . .			. . .			...	
13.5%		120			. . .			+5			 ...	
14%	
110	 @	 150	 -10	@	+30	 -18	@	+20		125
14.5%		130			+10	
+30	 @	 +25			140
15%	
125	 @	 150	 +6	@	+10	 -5	@	+5		 150	@	165
16%		. . .			. . .			. . .			...	
17%		. . .			. . .			. . .			...	

No. 1 HARD WINTER PREMIUMS, 12.2%
175
155
135
115
95
M

Basis Minneapolis July, delivered Chicago\beyond cents per bu

EXPORTER BIDS AND OFFERS
For shipment	
	

May 14	
Offer	
Year ago
Bid		Bid

No. 1 Hard 12%, Track Gulf
May	
+160	July	
June	
+160	July	
July	
+160	July	
August	 +160	Sep.	

170	
170	
170	
170	

+128	July
+131	July
+134	July
...

No. 2 Soft Red, c.i.f. New Orleans
May	
+100	July	
120	
June	
+62	July	
65	
July	
+62	July	
65	
August	
+65	Sep.	
75	

+60	July
+57	July
+55	July
+50	Sep.

Basis Kansas City future, cents per bu

Basis Chicago future, cents per bu

HARD SPRING. Premiums on milling quality hard red spring wheat in Minneapolis
were 30¢ a bu higher to 10¢ lower last week.
Offers over the Minneapolis gateway
were moderate and included numerous
single cars and several trains with a variety
of proteins. A sizable midweek advance at
the high side of the 14%-protein premium
range was based on trades of single cars
and was viewed by traders as a potential
anomaly, not a sure-fire sign the basis was
strengthening.
Producers in spring wheat country were
running seed drills full-bore last week and
well ahead of the typical pace of planting for
the date. The drawback to early seeding was
that it was completed amid drought conditions that made for dry soils.
The US Drought Monitor showed most of
North Dakota and the northeast corner of Montana in extreme drought. The USDA on May
9 rated topsoil across North Dakota 52% very
short and 28% short with subsoil moisture supplies rated 52% very short and 29% short.
A warming trend in the region encouraged
spring wheat emergence, which had been slow
and uneven despite the early planting start
and resulted in some spotty stands, the North
Dakota Wheat Commission said. Producers
welcomed scattered rains over most of Montana and east-central North Dakota at midweek.
The USDA in its weekly Crop Progress
report said the nation's spring wheat crop
was 70% planted by May 9, well beyond 40%

A

N

F

Basis Kansas City, cents per bu

PACIFIC NORTHWEST
For shipment	
	

May 14		- Change from - 	
Bid	
May 7		 Apr. 30	

Year
ago

No. 1 Soft White, Track, Portland
May	
7.90	 -	
June	
8.00	
+.10	
July	
7.90	 -	

-	6.05
+.10	6.22
-	6.25

No. 1 Hard 11.5%, Track, Portland
May	
1.20	
-	
June	 1.20	 -	
July	
1.20	 -	

-.05	1.45
-	1.45
-	1.45

No. 1 Spring 14%, Track, Portland
May	
1.25	 -	
June	 1.20	 -	
July	
1.15	
-	

-	1.05
-	1.10
. . .	
1.15

$ per bu

Basis Kansas City future, $ per bu

Basis Minneapolis future, $ per bu

a year earlier and 51% as the recent five-year
average for the date. Seeding completion was
66% in North Dakota (25% a year ago, 42% as
the average), 91% in South Dakota (73%, 72%),
97% in Minnesota (37%, 52%), 53% in Montana
(48%, 52%), 93% in Idaho (90%, 81%) and 88% in
Washington (95%, 85%).
SOFT RED. Barge freight, including wheat,
was delayed en route to the Gulf when the
US Coast Guard halted all Mississippi River
traffic due to a crack in the Hernando de Soto
Bridge near Memphis, Tenn. By the end of
the trading week, more than 1,000 barges
were backed up awaiting reopening pending
an inspection of the bridge by the Tennessee
Department of Transportation.
St. Louis-area mill bids on soft red winter
wheat through June were 40¢ over Chicago
July; July, 35¢ over July. Toledo mill bids
through July were 15¢ over Chicago July;
Aug.-Sept., 15¢ over Sept. Elevator bids were
10c over Chicago July; new crop, 10¢ over
July. The Cincinnati elevator bid was 8¢
over Chicago July. Michigan white wheat
mill bids ranged from 5¢ over to 10¢ under
Chicago July. Soft red winter wheat mill bids
in the state were 10¢ to 20¢ under Chicago
July. Gulf bids on soft red winter wheat for
nearby were 62¢ over Chicago July.
The USDA in its weekly Crop Progress
report rated good to excellent 64% of winter
wheat in Missouri, 70% in Illinois, 73% in
Indiana, 79% in Ohio, 71% in Michigan. MBN
MILLING & BAKING NEWS

49
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Milling & Baking News - May 18, 2021

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