Milling & Baking News - October 5, 2021 - 41

Oct. 1
NO. 1 HARD WINTER
- Change from -
Premium
Ordinary 95 @ 105
11%
101 @ 111
11.2%
Sept. 24
-
Sept. 17
+1 @ +1 +6 @ +6
106 @ 116 +6 @ +6 +6 @ +6
Year
ago
Oct. 1
+10 @ +10 85 @ 95
107 @ 117
108 @ 118
11.4% 110 @ 140 +5 @ +25 +5 @ +25 108 @ 118
11.6% 140 @ 150 +25 @ +25 +29 @ +29 110 @ 120
11.8% 150 @ 160 +15 @ +15 +35 @ +35 120 @ 130
12%
12.2%
12.4% 155 @ 165 +7 @ +7 +16 @ +16
12.6% 160 @ 170
12.8% 160 @ 170
13%
13.2%
160 @ 170
160 @ 170
13.4% 160 @ 170
13.6% 160 @ 170
13.8% 160 @ 170
14%
160 @ 170
-
-
-
-
-
-
-
-
+21 @ +21
+1 @ +1
+1 @ +1
+1 @ +1
+1 @ +1
+1 @ +1
+1 @ +1
-
155 @ 165 +9 @ +9 +35 @ +35 130 @ 140
155 @ 165 +9 @ +9 +30 @ +30 130 @ 140
139 @ 149
139 @ 149
139 @ 149
140 @ 150
140 @ 150
140 @ 150
140 @ 150
140 @ 150
140 @ 150
Basis Kansas City Dec., cents per bu
Cash Wheat
HARD WINTER. Premiums on hard red
winter wheat in Kansas City were unchanged
to 25¢ a bu higher last week. Adjustments were
confined to the lower half of the protein scale
with the widest hike at 11.6% protein.
Wheat continued to be loaded at country
elevators early last week when equipment
was available and graded when high winds
abated enough for grain inspectors to safely
probe loaded supplies. Applications flowed
steadily into packed mill pipelines.
Spot market activity slowed considerably
at midweek as " it seems everyone is moving
on to soybeans and corn, " a veteran trader
said. Some elevators lacking the capacity to
simultaneously load out and take in crops
temporarily halted wheat loading.
High-10%-protein ordinary wheat loaded
in Nebraska traded over the Chicago gateway
at " a pretty good premium, " a merchandiser
said, just one indication that millers
were pulling more hard red winter wheat
into flour blends at East Coast mills. Pricing
dynamics and intermarket spreads also had
hard red winter wheat supplies moving into
non-traditional outlets in the West.
Continuous tire-kicking found bids and
offers 10¢ to 20¢ apart for the fourth and first
quarters. Few deals were finalized as elevators
were keen to await carries in wheat
futures and producers were busy harvesting
corn, soybeans, sorghum, and other fall
crops. Some growers were seeding the 2022
winter wheat crop, frequently amid dry
topsoil moisture conditions. Several states'
subsoil moisture profiles also were lacking.
Winter wheat seeding completion by Sept.
26 was 27% in Kansas, 57% in Colorado, 28%
in Oklahoma, 37% in Texas, 61% in Nebraska,
58% in South Dakota, and 42% in Montana,
the USDA said. Emergence by Sept. 26 was 6%
in Kansas, 10% in Texas, 25% in Colorado, 20%
bakingbusiness.com
Ordinary
11%
12%
13%
13.5%
NO. 1 HARD SPRING
- Change from -
Premium
. . .
. . .
. . .
. . .
. . .
14% 135 @ 140
14.5%
130
15% 130 @ 180
16%
17%
140
. . .
Sept. 24
. . .
. . .
. . .
. . .
. . .
0 @ +5
. . .
Sept. 17
. . .
. . .
. . .
. . .
. . .
-5 @ 0
+15
0 @ +30 +5 @ +55
. . .
. . .
. . .
. . .
Year
ago
...
...
...
...
120
125 @ 160
160
190
...
...
Basis Minneapolis Dec., delivered Chicago\beyond cents per bu
For shipment
GULF EXPORT BIDS AND OFFERS
Oct. 1
Offer
Bid
No. 1 Hard 12%, Track Gulf
October
+168 Dec.
November +170 Dec.
December +170 Dec.
January
October
January
+178 March
+30 Dec.
November +50 Dec.
December +75 Dec.
+75 March
Basis Chicago future, cents per bu
in Nebraska and 4% in South Dakota.
The USDA in its Sept. 30 quarterly Grain
Stocks report said hard red winter wheat
stocks in Kansas, Oklahoma, Texas, Colorado,
and Nebraska - on Sept. 1 totaled 741,836,000
bus, down 16,501,000 bus, or 2%, from
758,337,000 bus a year ago. Ten percent of the
region's inventory was stored on farms.
Salina wheat bids through October were
25¢ under KC Dec.; November, 40¢ under
Dec. Hutchinson wheat bids through October
were 20¢ under KC Dec. Wichita elevator
bids through November were 20¢ under
KC Dec. Gulf bids on 12%-protein hard red
winter wheat for October were 168¢ over
Dec.; November-December, 170¢ over Dec.
HARD SPRING. Premiums on milling quality
hard red spring wheat in Minneapolis
were unchanged to 30¢ a bu higher last week.
The spot market grew quiet as elevators
increasingly were engaged with fall crops. A
small 2021 spring wheat crop had millers adding
other varieties to blends where possible.
Forward contracting was negligible.
Northern Plains producers and elevators
" are concentrating more corn and soybean
harvests and don't feel pressed to get out
and sell deferred wheat, " a grain buyer said.
Plus, with the smaller crop, " if they were figuring
on devoting x space to hard red spring
wheat, now they only need to devote x minus
five, just as example, because they just don't
have the production, " he said.
178
180
180
188
Basis Kansas City future, cents per bu
No. 2 Soft Red, c.i.f. New Orleans
55
70
85
85
+55 Dec.
+63 Dec.
+68 Dec.
+68 Mar.
For shipment
Year ago
Bid
+172 Dec.
+171 Dec.
+171 Dec.
+155 Mar.
115
135
155
175
95
OJ AJ
Basis Kansas City, cents per bu
PACIFIC NORTHWEST
Oct. 1
Bid
November
December
$ per bu
November
December
November
December
11.05
11.35
11.35
Sept. 24
No. 1 Soft White, Track, Portland
October
-
-
-
No. 1 Hard 11.5%, Track, Portland
October
1.75
1.75
1.80
Basis Kansas City future, $ per bu
No. 1 Spring 14%, Track, Portland
October
1.45
1.42
. . .
Basis Minneapolis future, $ per bu
The USDA in its quarterly Grain Stocks
report indicated Sept. 1 wheat stocks in the
Upper Midwest - Minnesota, North Dakota,
South Dakota and Montana - totaled
438,293,000 bus, down 38% from 710,437,000
bus on Sept. 1, 2020. Fifty-three percent of
those stocks, or 231,500,000 bus, was stored
on farms. On-farm inventories in the region
accounted for 55% of all wheat stocks held on
farms across the United States on Sept. 1.
SOFT RED. A St. Louis-area mill continued
to have no winter wheat bid. Toledo mill bids
through October were 10¢ over Chicago Dec.
Elevator bids were 20¢ under Chicago Dec.
The Cincinnati elevator bid was 75¢ under
Chicago Dec. Michigan mill bids on soft
white winter wheat were 10¢ under Chicago
Dec.; soft red winter wheat mill bids were 35¢
under Dec. Gulf bids on soft red winter wheat
for nearby were 30¢ over Chicago Dec.
Winter wheat planting by Sept. 26 was
1% completed in Missouri, 2% in Illinois, 11%
in Indiana, 5% in Ohio, and 17% in Michigan.
Winter wheat emergence by Sept. 26 was 0%
in Missouri (1% as the 2016-20 average for the
date), 3% in Indiana (0%), 1% in Ohio (0%) and
4% in Michigan (3%).
The USDA indicated Sept. 1 wheat stocks
in the Central states - Missouri, Illinois,
Indiana, Ohio and Michigan - totaled
205,928,000 bus, up 19% from 173,312,000 bus
a year ago. On-farm wheat holdings totaled
12% of the region's inventory. MBN
MILLING & BAKING NEWS 41
-
-
. . .
+.20
+.17
. . .
1.35
1.35
1.40
-
-
-
NO.1 HARD WINTER PREMIUMS, 12.2%
- Change from -
Sept. 17
-
-
-
-.15
-.15
-.10
Year
ago
5.45
5.65
5.65
1.75
1.75
1.80
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Milling & Baking News - October 5, 2021

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