Milling & Baking News - June 22, 2004 - 37

I N G R E D I E N T

vest, but also because of the smaller crop
and the additional storage space available after this year's higher prices
prompted selling of old crop. In addition,
limited numbers of empty rail cars appear available for immediate shipment to
terminal points. Some new crop Oklahoma wheat offered in Kansas City last
week was turned away because mills did
not want to adjust equipment with Kansas wheat nearly at hand. It went west to
its usual markets instead.
The U.S. Department of Agriculture
pegged Kansas harvest at 15% complete
as of June 13, compared with 6% average.
Texas was 55% done versus 44% average
and Oklahoma 80% against 41% average.
In Kansas, harvest often resumed by
noon the day after a rain, allowing
progress as well.
Test weights in Kansas have been
good, if not higher than expected, but
yields have varied widely, from 15 to 65
bus per acre. Early tests of baking quality
came in good. In Oklahoma, quality has
been good and test weights high but protein below last year's levels. Rain delays
did not appear to cause quality issues in
the hard winter crop.
The wheat crop declined to 19% good
to excellent in Nebraska (34% fair) and
15% in Colorado (29% fair) the week
ended June 13.
HARD SPRING. Premiums on hard red
spring wheat at Minneapolis were
mixed, with 13% protein wheat under
pressure, 14% showing strength and 15%
steady to weak. Mill interest appeared
light most of the week as traders watched
winter wheat harvest closely. Farmer selling also was light.
Lower protein wheat trended downward on ideas that less expensive winter
wheat now being harvested in the Plains
could substitute. But the rain-delayed
winter harvest offset some of the pressure. Best demand was for wheat in the
14% range.
For the week ended June 13, the
U.S.D.A. reported 4% of the spring wheat
crop was headed, compared with 3% last
year and 5% as the recent five-year average. The crop condition declined slightly.
Rated good to excellent was 64% of the
crop in the six major producing states,
(66% previous week), 68% in North Dakota, 56% in South Dakota, 56% in Minnesota and 55% in Montana,.
SOFT RED. Mill bids on soft red winter
wheat last week continued to firm as
widespread rainfall delayed harvest in
southern areas and heightened concern
about the quality of the crop.
In Kansas City, No. 1 soft red bids were
unchanged at 8@30c over K.C. July. Gulf
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bids on nearby were up 8c, to 25c over.
Mill bids for nearby were 2c higher, at 25c
over Chicago July for less than 2 p.p.m.
vomitoxin and minimum 300 falling
number. The Chicago mill basis was unchanged at 20c over Chicago July. Mill
bids in Toledo for nearby were up 2c at 5c
under Chicago July; new crop, up 3c at 3c
under. Elevator bids were up 3c at 7c under July; new crop, 6c under. The Cincinnati mill basis declined 8c, to 8c under

W E E K

Chicago July; new crop, down 2c to 8c
under. Elevator bids were up 2c at 12c
under July. Michigan white wheat with 1
p.p.m. vomitoxin or less was not bid for
old crop; new crop, option July futures.
Harvest was nearing completion in the
Southeast and Delta states and expanded
across the Central states, although rain
caused frequent delays. Combining was
31% finished in North Carolina on June
13, 70% in South Carolina, 83% in Geor-

Kansas City Wheat Futures

No. 1 Hard Winter

July contract, $ per bu

Basis Kansas City July, cents per bu
Premium Week's Change Year ago
Ordinary
20 @30
+2 @+2
15@35
11%
30 @40
+1 @+1
30@50
11.2%
34 @44
+1 @+1
35@55
11.4%
42 @52
+1 @+1
35@55
11.6%
47 @57
-
35@55
11.8%
47 @57
-
35@55
12%
48 @58
-3 @ -3
42@62
12.2%
48 @58
-3 @ -3
42@62
12.4%
49 @59
-3 @ -3
42@62
12.6%
49 @59
-3 @ -3
42@62
12.8%
50 @60
-3 @ -3
42@62
13%
50 @60
-5 @ -5
42@62
13.2%
51 @61
-5 @ -5
42@62
13.4%
52 @62
-5 @ -5
42@62
13.6%
53 @63
-5 @ -5
42@62
13.8%
53 @63
-5 @ -5
42@62
14%
53 @63
-5 @ -5
42@62

Kansas City Wheat Futures
September contract, $ per bu

No. 1 Hard Spring, Minneapolis
Milling quality, basis July, cents per bu
Premium Week's Change Year ago
Ordinary
...
...
...
11%
...
...
...
12%
...
...
...
13%
20 @ 22
-7 @ -8
...
14%
40 @ 55
0 @ +5
50 @ 55
14.5%
...
...
...
15%
85
-5
60 @ 70
16%
...
...
...
17%
...
...
...

Wheat Futures
No. 1 Hard Amber Durum

$ per bu
Week's
change
June 18 (cents) High
Kansas City
July
3.76
- 3.811/2
September 3.821/2
-1 3.88
December 3.911/4
-3 3.97
March
3.98
-21/4 4.03
May
3.95
-6 4.01
Chicago
July
3.523/4 +21/4 3.60
September 3.611/2
- 3.70
December 3.71
-1 3.791/2
March
3.79
-11/4 3.861/2
May
3.80
-1 3.85
Minneapolis
July
4.081/4 +11/4 4.141/2
September 4.05
+11/2 4.09
December 4.091/2 +11/4 4.121/2
March
4.11
+1/2 4.14
May
4.101/4 +13/4 4.101/4

Track, $ per bu
Low

Year
ago

3.73
3.801/2
3.891/2
3.951/2
3.95

3.07
3.131/2
3.24
3.31
3.29

3.48
3.58
3.671/2
3.751/2
3.76

3.113/4
3.191/2
3.291/2
3.351/4
3.32

4.05
4.00
4.051/4
4.08
4.071/2

3.513/4
3.413/4
3.471/4
3.57
3.61

Choice milling

June 18
5.20

Week's
change
-

Year
ago
5.30

Exporter bids and offers
No. 1 Hard 11%, Track Gulf
Basis Kansas City future, cents per bu
For shipment
Bid
Offer
Year ago bid
June
44 over July
... 38 over July
July
46 over July
... 38 over July
August
45 over Sep.
... 34 over Sep.

No. 2 Soft Red, c.i.f. New Orleans
Basis Chicago future, cents per bu
For shipment
Bid
Offer
Year ago bid
June
25 over July
27 24 over July
July
25 over July
27 23 over July
August
22 over Sep.
25 22 over Sep.

Milling & Baking News, June 22, 2004 / 37
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Milling & Baking News - June 22, 2004

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