Hard red winter (HRW) wheat spot basis bids in the southern US Plains on Wednesday were flat as farmers tracked a second straight day of futures losses, dealers said. At 12:11 pm CST (1811 GMT) Chicago Board of Trade (CBOT) K.C. December HRW wheat was down 8-1/4 cents at $4.06 a bushel pressured by the firmer dollar, abundant global supplies and Canada's larger-than-anticipated wheat crop.
Statistics Canada estimated Canada's 2017 all-wheat harvest at 29.98 million tonnes, which topped trade expectations. Late on Tuesday, CME Group lowered the hedge margin on Chicago wheat by $150 to $950 per contract.
The track basis at the Texas Gulf export terminal on Wednesday climbed to 240 cents over CBOT K.C. December HRW wheat futures. Tuesday's track basis was 230 cents. Protein premiums for railcar wheat to and through Kansas City were mostly steady on Tuesday.
Comments
Comments are closed for this article.