Milling & Baking News - May 30, 2023 - 43

May 26
11.2%
Premium
Ordinary 130 @ 140 -17 @ -17
11%
11.4% 145 @ 155 -2 @ -2
11.6% 145 @ 155 -2 @ -2
11.8% 150 @ 160
12%
12.2%
150 @ 160
150 @ 160
12.4% 150 @ 160
12.6% 150 @ 160
12.8% 150 @ 160
13%
13.2%
150 @ 160
150 @ 160
-
-
-
-
-
-
-
-
NO. 1 HARD WINTER
- Change from -
-
May 19
May 12
135 @ 145 -12 @ -12 -15 @ -15
135 @ 145 -12 @ -12 -15 @ -15
-5 @ -5
-5 @ -5
-
-
-
-
-
-
-
-
13.4% 135 @ 145 -15 @ -15 -15 @ -15
13.6% 135 @ 145 -15 @ -15 -15 @ -15
13.8% 135 @ 145 -15 @ -15 -15 @ -15
14%
135 @ 145 -15 @ -15 -15 @ -15
Basis Kansas City July, cents per bu
Cash Wheat
HARD WINTER. The hard red winter
wheat basis in Kansas City was unchanged
to 17¢ a bu lower last week. Middle protein
levels were steady while the top and bottom
of the scale pulled back.
The number of wheat-laden rail cars offered
through the spot market was moderate. Price
weakness was apparent in the lack of enthusiasm
for wheat cars going east through Kansas
City and Chicago, and west to Los Angeles.
Still, one major miller continued to support
high-side prices for middle protein supplies.
The to-arrive market was mostly quiet but
included negotiations for last-half 2023 deliveries.
The July-September bid-offer spread
was about 5¢ to 10¢ apart and was about 25¢
apart for the fourth quarter, a miller said.
The harvest remained in its infancy and
moved slowly due to rain delays in Texas.
Test cutting along Oklahoma's southern border
was expected to begin over Memorial
Day weekend, US Wheat Associates said in
its weekly harvest report.
" USDA estimates 32% of the HRW wheat
crop is in good to excellent condition, " US
Wheat said. " Moderate temperatures and
rain have helped stabilize a drought-stricken
crop across the southern plains and are
expected to help benefit grain fill and yields. "
US Wheat said farmers ascribed instances
of foliar diseases to cool, wet conditions, and
Colorado growers reported early sawfly
emergence.
The USDA indicated wheat rated good to
excellent on May 21 was 10% in Kansas (10%
a week earlier), 10% in Oklahoma (11%), 23%
in Texas (20%), 29% in Colorado (26%), 32% in
Nebraska (17%), 34% in South Dakota (23%)
and 49% in Montana (54%). Wheat rated poor
to very poor was 69% in Kansas, 52% in Oklahoma
and 45% in Texas.
Industry analysts felt the portion of the
crop in most extreme drought conditions
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Year
ago
May 26
170 @ 180
175 @ 185
175 @ 185
175 @ 185
175 @ 185
175 @ 185
175 @ 185
175 @ 185
175 @ 185
175 @ 185
175 @ 185
190 @ 200
190 @ 200
190 @ 200
190 @ 200
190 @ 200
190 @ 200
Ordinary
11%
12%
13%
13.5%
NO. 1 HARD SPRING
- Change from -
Premium
. . .
. . .
. . .
. . .
. . .
130
. . .
. . .
15% 220 @ 240
16%
17%
May 19
. . .
. . .
. . .
. . .
. . .
14% 160 @ 200 -25 @ 0
14.5%
. . .
-
. . .
. . .
May 12
. . .
. . .
. . .
. . .
. . .
-40 @ 0
-30
+70 @ 0
. . .
. . .
Year
ago
...
...
...
...
...
150
100
136 @ 200
...
...
Basis Minneapolis July, delivered Chicago\beyond cents per bu
For shipment
May
GULF EXPORT BIDS AND OFFERS
Offer
May 26
Bid
No. 1 Hard 12%, Track Gulf
+140 July
June
July
August
May
June
July
August
+140 July
+140 July
...
+150
+150
+150
...
Basis Kansas City future, cents per bu
No. 2 Soft Red, c.i.f. New Orleans
...
+35 July
+39 July
...
Basis Chicago future, cents per bu
for the longest periods could contain very
high protein levels.
" The supposition is that because it's a
droughted-out crop, the berries are going
to be small and protein's going to be high, " a
trader said.
Hard red winter stocks on May 19 totaled
12,610,000 bus in Hutchinson, Kan. (down
32% from a year earlier); 4,444,000 bus in
Salina, Kan. (down 53%), 2,765,000 bus in
Wichita, Kan. (down 82%), and 5,134,000 bus
in Kansas City (down 14%), the CME Group
said in a weekly report.
Salina wheat bids through June were the
KC July price. Hutchinson wheat bids through
July were the KC July price. Wichita elevator
bids through July were the KC July price. Gulf
bids on 12%-protein hard red winter wheat for
May, June and July were 140¢ over KC July.
HARD SPRING. Premiums on milling quality
hard red spring wheat in Minneapolis
were unchanged to 25¢ a bu lower last week.
The USDA said spring wheat planting by
May 21 at 64% completed was ahead of a year
ago (48%) but 9 percentage points behind the
2018-22 average of 73%. The crop was 48%
seeded in North Dakota (20% a week earlier),
95% in South Dakota (84%), 74% in Minnesota
(28%), 72% in Montana (54%), 90% in Idaho
(76%) and 98% in Washington (95%).
The North Dakota Wheat Commission
said above-normal temperatures and belownormal
precipitation had allowed great
...
+45
+45
...
+40 July
+15 July
+15 July
+20 Sep.
For shipment
Year ago
Bid
+165 July
+153 July
+153 July
+150 Sep.
May
85
135
185
235
285
MA NF
PACIFIC NORTHWEST
May 26
Bid
June
July
May
June
July
May
June
July
May 19
No. 1 Soft White, Track, Portland
7.20
7.20
7.05
-
-
-
$ per bu
No. 1 Hard 11.5%, Track, Portland
1.35
1.35
1.35
Basis Kansas City future, $ per bu
No. 1 Spring 14%, Track, Portland
1.05
1.05
1.05
-
-
-
Basis Minneapolis future, $ per bu
progress in planting spring wheat.
" While moisture conditions are mostly
rated adequate to surplus, producers are
noting some precipitation after planting is
complete would be helpful for emergence
and development, " the NDWC said. " Portions
of the western half of the state are a bit dry. "
SOFT RED. A central Michigan miller said
soft wheat in his area was beginning to head,
had lush green stands and was about a week
ahead of normal development thanks to a wide
planting window and rapid seeding progress
that gave the crop a chance to emerge and
develop good roots before dormancy.
St. Louis-area mill bids on soft red winter
wheat through May were 4¢ under Chicago
July; new crop, 10¢ over July; Aug.-Sept., 10¢
over Sept. Toledo mill bids for June-July were
15¢ under July; Aug.-Sept., 20¢ under September.
Toledo elevator bid nearby through July
was 25¢ under Chicago July. Cincinnati elevator
nearby bid was 10¢ under Chicago July;
new crop, 15¢ under Chicago July. Michigan
soft white winter wheat mill bids were the
Chicago July price to 10¢ over; soft red winter
wheat mill bids were 15¢ under Chicago July.
Gulf bids on soft red winter wheat for June
were 35¢ over Chicago July; July 39¢ over July.
The soft red winter wheat harvest
expanded in the South and Delta states. Combining
was 30% completed in Louisiana by
May 21, 27% in Georgia, 9% in Alabama and
1% in Mississippi. MBN
MILLING & BAKING NEWS 43
-.05
-.05
-.05
. . .
1.05
1.05
-
-
-
-.20
-.20
-.20
. . .
1.20
1.20
- Change from -
May 12
-.20
-.20
-.35
Year
ago
. . .
11.65
11.65
NO. 1 HARD WINTER PREMIUM, 12.2%
basis Kansas City, cents per bu
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Milling & Baking News - May 30, 2023

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