May 7 (Reuters) – Cash bids for hard red winter wheat were
steady to firmer in the U.S. Plains on Tuesday in a quiet
market.
* Speculation continued about the production prospects for
new-crop wheat. Harvest will begin in the next few weeks in
southern areas, moving northward.
* “Everybody is talking about the freeze, but whether or not
it will have any impact is hard to tell,” said one Oklahoma
wheat dealer, referring to fears that a recent freeze further
damaged an already poor crop. “It’s just a wait-and-see
situation.”
* The U.S. Department of Agriculture pegged U.S. winter
wheat as of Sunday at 32 percent good to excellent, 29 percent
fair and 39 percent poor to very poor.
* In top producer Kansas, wheat was rated 27 percent good to
excellent, 33 percent fair and 40 percent poor to very poor,
according to USDA.
* Kansas City Board of Trade July wheat settled most
recently at $7.56-3/4.
(Cash prices calculated against the most recent settlement)
KANSAS Current Previous
Wichita 0 + N 0 + N 7.56-3/4
Newton – 5 + N – 5 + N 7.51-3/4
Goodland -35 + N -35 + N 7.21-3/4
TEXAS
Gulf track* +1.28 + N + 1.28 + N 8.84-3/4
Galveston** + 65 + N + 50 + N 8.21-3/4
OKLAHOMA
Enid +10 + N 0 + N 7.66-3/4
Catoosa +50 + N + 50 + N 8.06-3/4
K= May, N=July HRW wheat futures on the Kansas City Board of
Trade
NA = Unquoted bids, 0 = Option price.
* = No. 1 12 pct hard winter wheat for May delivery
** = ordinary protein, rail bids for May delivery.
LINKS:
* U.S. weekly wheat crop progress
* U.S. forward basis click on:
* U.S. Midwest cash grain PM
* U.S. CIF Gulf Grain
* U.S. FOB Gulf Grain
(Reporting by Carey Gillam; editing by John Wallace)
