Milling & Baking News - May 4, 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%	

Apr. 30	
	- Change from -		
Premium		 Apr. 23		 Apr. 16	

118	 @	128	
118	 @	128	
118	 @	128	
129	 @	139	
135	@	145	
135	@	145	
135	@	145	
135	@	145	
135	@	145	
135	@	145	
137	@	147	
137	@	147	
137	@	147	
137	@	147	
138	@	148	
138	@	148	
138	@	148	

	-	 	
	-	 	
	-	 	
	-	 	
+6	@	+6	
+6	@	+6	
+6	@	+6	
+6	@	+6	
+6	@	+6	
+6	@	+6	
+8	@	+8	
+8	@	+8	
+8	@	+8	
+8	@	+8	
+9	@	+9	
+9	@	+9	
+9	@	+9	

NO. 1 HARD SPRING
Year
ago

	-	 	
71	 @	 81
	-	 	
81	 @	 91
	-	 	
81	 @	 91
	-	 	
81	 @	 91
+6	@	+6	 96	@	106
+6	@	+6	 96	@	106
+3	@	+3	 105	@	115
+3	@	+3	 105	@	115
+3	@	+3	 121	@	131
+3	@	+3	 126	@	136
+5	@	+5	 126	@	136
+4	@	+4	 136	@	146
+4	@	+4	 136	@	146
+4	@	+4	 136	@	146
+5	@	+5	 136	@	146
+5	@	+5	 151	@	161
+5	@	+5	 151	@	161

Basis Kansas City July, cents per bu

Cash Wheat
HARD WINTER. Premiums on hard red
winter wheat in Kansas City were unchanged
to 9¢ a bu higher last week. The KC July future
became the basic contract at a 7¢ premium to
the May. Upward adjustments were posted
at 11.6% protein and higher. Premiums below
11.6% were unchanged.
The basis was ordered conventionally after
spending most of the past five months inverted
and the past few weeks without a premium for
the higher proteins. " There may be a little bit
of concern out there about protein content of
new crop, so this basis might reflect a little bit
of positioning, jockeying to get some protein as
spring turns to summer, " a merchandiser said.
Wheat shipments for application to contracts began to slow at midweek. It was noted
some rail cars dispatched to Mexico have been
slow to return, which affected some shipments.
Discussions over forward wheat transactions were limited. Recent futures rallies have
spurred some farmer selling, but a miller said
sellers were wary of guaranteeing protein so
far ahead of harvest.
Railroad performance along the Union
Pacific remained problematic. Compounding
long-standing difficulties in securing timely
placement of rail cars has been an uptick in
positive COVID-19 cases in small population
centers of western Kansas and Nebraska that
resulted in temporary staff shortages at some
elevators. But rail car values in the secondary market have weakened significantly.
Rain fell across parts of the Southwest, but
much more will be required to break drought
in the driest areas, including much of Colorado and Texas.
The US Department of Agriculture in its
weekly Crop Progress report said winter
wheat rated good to excellent as of April 25
was 55% in Kansas (55% a week earlier), 61%
in Oklahoma (70%), 18% in Texas (28%), 30% in
bakingbusiness.com	

		 Apr. 30			- Change from -	
		 Premium		 Apr. 23		 Apr. 16	

Year
ago

Ordinary		. . .			. . .			. . .		 . . .	
11%		. . .			. . .			. . .		 . . .	
12%		. . .			. . .			. . .		 . . .	
13%		115			. . .			-			 . . .	
13.5%		115			. . .			+17		 . . .
14%	
128	 @	 130	 +5	@	+2	 +20	@	+17		 . . .	
14.5%	 100	 @	 105	
	-	 	
-23	@	-28		 . . .	
15%	
130	 @	 145	 -13	@	+2	 +2	@	+2		 125	@	 150
16%		. . .			. . .			. . .		 80	@	 100
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	
	

Apr. 30	
Offer	
Year ago
Bid		Bid

No. 1 Hard 12%, Track Gulf
May	
+140	July	
June	
+150	July	
July	
+150	July	
August	
...		

150	
160	
160	
...	

+142	July
+149	July
+151	July
...	

No. 2 Soft Red, c.i.f. New Orleans
May	
+100	July	
120	
June	
+58	July	
65	
July	
+58	July	
65	
August	
+75	Sep.	
85	

+58	July
+53	July
+53	July
+55	Sep.

Basis Kansas City future, cents per bu

Basis Chicago future, cents per bu

Colorado (26%), 40% in Nebraska (43%), 41% in
South Dakota (36%) and 53% in Montana (63%).
The USDA in its analysis of the April 27 US
Drought Monitor said drought conditions
across much of the hard red winter wheat
states remained stable. Fourteen percent of
Kansas production areas was in moderate
drought compared with 14% a week earlier.
Conditions remained the driest in Colorado,
where 99% of production areas were in
drought, including 12% in extreme drought
and 42% in severe drought.
 
HARD SPRING. Premiums on milling quality hard red spring wheat in Minneapolis
were 5¢ a bu higher to 13¢ lower last week.
The Minneapolis July future became the
basic contract at a 7¢ premium to the May.
Wheat movement began slowing but
gained momentum later in the week, keeping
mill pipelines adequately filled and the basis
under control.
Most attention remained on seeding spring
wheat across the northern Plains.
The USDA in its weekly Crop Progress
report said the nation's spring wheat crop
was 28% planted by April 25, ahead of 13%
a year ago and 19% as the recent five-year
average for the date. Seeding completion
was 22% in North Dakota (4% a year ago, 22%
as the average), 63% in South Dakota (32%,
39%), 19% in Minnesota (5%, 14%), 20% in Montana (10%, 22%), 64% in Idaho (60%, 55%) and
80% in Washington (87%, 60%).

A

N

F

Basis Kansas City, cents per bu

PACIFIC NORTHWEST
For shipment	
	

Apr. 30		- Change from - 	
Bid	
Apr. 23		 Apr. 16	

Year
ago

No. 1 Soft White, Track, Portland
April	
7.90	
+1.20	
+1.20	
...
May	
7.90	 +1.20	 +1.10	6.00
June	
7.90	 +1.20	 +1.10	6.13
$ per bu

No. 1 Hard 11.5%, Track, Portland
April	
1.25	
. . .	
-	
...
May	
1.25	 -	 -	1.25
June	 1.20	 -.05	 -	1.25
Basis Kansas City future, $ per bu

No. 1 Spring 14%, Track, Portland
April	
1.25	
-	
May	
1.25	 -	
June	
1.20	
. . .	
Basis Minneapolis future, $ per bu

-	
...
-	1.17
-	
1.23

Rain fell across parts of northeast North
Dakota, most of South Dakota as well as
southern and central Minnesota last week,
but much more precipitation was needed to
break the grip of drought on the region.
The USDA's analysis of the April 27 US
Drought Monitor indicated about 82% of spring
wheat production is within areas experiencing drought compared with 78% a week earlier.
Conditions were driest in North Dakota, where
98% of wheat production areas were in drought,
including 85% in extreme drought.
SOFT RED. St. Louis-area mill bids on soft
red winter wheat through May were 40¢ over
Chicago July. Toledo mill bids through May
were 10¢ over Chicago May price; June-July,
10¢ over July. Elevator bids were 10¢ over
Chicago July; new crop, 10¢ over July. The
Cincinnati elevator bid was 8¢ over Chicago
July. Michigan white wheat mill bids were
Chicago May price to 5¢ over; new crop bids
ranged from the Chicago July price to 10¢
over. Soft red winter wheat mill bids in state
were 20¢ to 15¢ under Chicago May; new crop,
20¢ to 15¢ under Chicago July. Gulf bids on
soft red winter wheat for May were 100¢ over
Chicago May, unchanged.
The USDA in its weekly Crop Progress
report rated good to excellent 61% of the
winter wheat crop in Missouri (57% a week
earlier), 71% in Illinois (69%), 70% in Indiana
(71%), 78% in Ohio (82%), and 71% in Michigan
(73%). MBN
MILLING & BAKING NEWS

49
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Milling & Baking News - May 4, 2021

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