Dec 24 (Reuters) – Cash basis bids for hard red winter wheat
were steady to weak in the southern U.S. Plains on Tuesday.
* Bids fell by 5 cents per bushel in Catoosa, Oklahoma, one
day after firming by the same amount.
* Dealers said sales were slow as the futures market’s
recent drop to 19-month lows has left prices well below growers’
targets.
* Most growers were holding off booking new deals until 2014
for tax purposes.
* Protein premiums for rail car wheat to and through Kansas
City were unchanged.
* Some wheat elevators were not accepting delivery on
Tuesday or Wednesday due to the Christmas holiday, but dealers
were still available to book new sales.
* A cold snap across the U.S. Plains was not expected to
cause damage to the hard red winter wheat crop. A blanket of
snow insulated crops in many growing areas and the temperatures
were not low enough to harm wheat in other places, World Weather
Inc said.
* At the Chicago Board of Trade, KCBT hard red winter wheat
for March delivery dropped 3-1/2 cents to $6.45 a bushel
during the overnight trading session.
KANSAS Current Previous Cash price
Wichita -10 + H -10 + H 6.38-1/2
Newton -25 + H -25 + H 6.23-1/2
Goodland -10 + H -10 + H 6.38-1/2
TEXAS
Galveston** +70 + H +70 + H 7.18-1/2
OKLAHOMA
Enid + 5 + H + 5 + H 6.53-1/2
Catoosa +20 + H +25 + H 6.68-1/2
H= KC March contract NA = Unquoted bids, 0 = Option
price, NC = No comparison
* = No. 1 12 pct hard winter wheat for December delivery
** = ordinary protein, rail bids for December 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 Mark Weinraub; editing by Jim Marshall)
