U.S. Plains HRW Wheat-Basis bids mixed, trade quiet ahead of weekend storm

ReutersJan 3, 2025 9:48 PM

CHICAGO, Jan 3 (Reuters) - Basis bids for hard red winter (HRW) wheat were steady with a few mixed changes in the southern U.S. Plains on Friday and grain movement was light ahead of a winter storm that was forecast to cross Kansas and Missouri this weekend.

* The storm was expected to bring snow and ice to the central Plains, from central Kansas eastward, which should help insulate dormant winter wheat in that region from freeze damage when temperatures turn bitterly cold next week, meteorologists said.

* The Gulf track basis for railcars of wheat rose by 5 cents a bushel. But the spot basis at an elevator in Catoosa, Oklahoma, fell by 5 cents.

* Bids elsewhere were flat, spot checks showed, and protein premiums for HRW wheat shipped by rail to or through Kansas City were unchanged from Thursday. KCBT/SCA

* K.C. HRW wheat futures fell more than 2% on Friday as Chicago Board of Trade wheat Wv1 tumbled 3%, further discouraging farmer selling. The K.C. March wheat contract KWH25 settled down 12-3/4 cents at $5.39 per bushel on sluggish export demand and chart-based selling, analysts said. GRA/

* The U.S. Department of Agriculture reported export sales of U.S. wheat in the week ended Dec. 26 at 140,600 metric tons, a marketing-year low that fell below a range of trade expectations for 200,000 to 500,000 tons. The total included weekly sales of HRW wheat totaling 48,000 tons. EXP/WHE

* Looking ahead, the USDA is scheduled to report on Jan. 10 on the number of U.S. winter wheat acres that were planted last autumn for harvest in 2025.

Basis values are quoted against futures in cts/bu:

	Current			Previous			Cash
	basis			basis			price
KANSAS
Wichita	-21	+	H	-21	+	H	$5.18
Newton	-50	+	H	-50	+	H	$4.89
Goodland	-75	+	H	-75	+	N	$4.64

TEXAS
Gulf track*	+125	+	H	+120	+	H	$6.64
Galveston**	+100	+	H	+100	+	H	$6.39

OKLAHOMA
Enid	-25	+	H	-25	+	H	$5.14
Catoosa	+5	+	H	+10	+	H	$5.44