Milling & Baking News - September 23, 2008 - 49

Ingredient Week

 Cash Wheat

HARD WINTER. Premiums on hard
red winter wheat in Kansas City were
4c a bu higher to 3c lower last week.
Gains of 3@4c were registered for wheat
with protein from 11.2% through 11.6%,
while 1@3c declines prevailed across
the top third of the protein scale with
the exception of 14% protein, which
was unchanged. The relative stability
seen in the basis compared with most
recent weeks reflected a near balance
between spot supply and demand. Mill
inventories and pipelines were filled. At
the same time, users faced the prospect
of limited wheat movement during row
crop harvest, which provided support
to the basis at current levels.
It was uncertain how much wheat
farmers and elevators will choose to load
out as the harvest moves northward.
Wide carrying charges in wheat futures
continued to argue for holding instead
of selling wheat, but some producers and
secondary handlers also faced the need to
clear some storage space for fall crops.
To date, elevators asked a wide premium to the nearby basis for OctoberDecember wheat. Mills felt no urgency
to chase the offers.
The ports of Houston and Galveston
were closed following Hurricane Ike
while damage to channels and infrastructure was assessed. The Houston
port and shipping channel was reopened
at reduced capacity near the week's end.
The port of Galveston remained closed
and lacked power.
The U.S. Department of Agriculture
indicated winter wheat seeding on Sept.
14 was 5% completed in Kansas (9% as
the recent five-year average for the date),
18% in Nebraska (31%), 18% in South Dakota (28%), 7% in Montana (21%), 34% in
Colorado (30%), 11% in Oklahoma (17%)
and 8% in Texas (20%). Planting in Kan-

No. 1 hard winter
Basis Kansas City Dec., cents per bu
Sept. 19 - Change from -
Premium Sept. 12 Sept. 5
Ordinary -40 @ -5
-
-
11%
-20 @ -5
-
-3 @ -3
11.2% -17 @ -2 +3 @ +3
-
11.4% -16 @ -1 +4 @ +4 -4 @ -4
11.6% -15 @ 0 +4 @ +4 -5 @ -5
11.8%
-8 @ 7
-
-5 @ -5
12%
-5 @ 10
-
-7 @ -7
12.2%
-1 @ 14
-
-3 @ -3
12.4%
0 @ 15
-
-3 @ -3
12.6%
2 @ 17
-
-2 @ -2
12.8%
5 @ 20
-
+1 @ +1
13%
8 @ 23 -1 @ -1 -2 @ -2
13.2%
9 @ 24 -3 @ -3 -4 @ -4
13.4%
10 @ 25 -3 @ -3 -3 @ -3
13.6%
11 @ 26 -3 @ -3 -3 @ -3
13.8%
12 @ 27 -3 @ -3 -3 @ -3
14%
19 @ 34
-
+2 @ +2
bakingbusiness.com / world-grain.com

Year
ago
-15 @ 5
-8 @ 12
-4 @ 16
-2 @ 18
0 @ 20
3 @ 23
10 @ 30
10 @ 30
10 @ 30
10 @ 30
10 @ 30
23 @ 43
23 @ 43
23 @ 43
23 @ 43
23 @ 43
23 @ 43

sas was beginning under favorable conditions with the soil moisture profile better than in most years.
The fall crop harvest expanded across
the Southwest with progress slowed by
Hurricane Ike. The U.S.D.A. indicated
as of Sept. 14 that Texas corn was 64%
harvested, sorghum was 66% harvested
and soybeans were 61% harvested, all
near five-year averages for the date. The
Oklahoma corn harvest was 29% completed versus 47% as the average for the
date, and the state's soybean harvest was
11% completed versus 13% as the average. The Kansas corn harvest was 5%
completed compared with 25% as the
average for the date.
Clear weather during the next several days should help speed both wheat
planting and fall crop harvesting.
HARD SPRING. Premiums on hard red
spring wheat in Minneapolis were 25c a
bu higher to 10c lower last week. The basis bounced at the lower protein levels as
receipts fell short of expectations for the
stage of the harvest. The wide spread between premiums on 15%-protein supply
and those relating to the rest of the protein scale reflected light offers of highprotein spring wheat to date.
The spring wheat harvest in the six
key states on Sept. 14 was 92% completed compared with 87% a week earlier
and 94% as the five-year average for the
date. The harvest was 91% completed in
North Dakota, 97% in Minnesota, 86%
in Montana, 91% in Idaho and 96% in

Washington. A span of clear days should
help producers finish the harvest.
U.S. Wheat Associates on Sept. 19,
based on an analysis of 300 of an intended 329 samples, indicated average
protein in the spring wheat crop was
14.5% compared with 14.8% last year.
Test weight was averaging 60.9 lbs per
bus versus 60.8 lbs last year, and falling number was 416 seconds compared
with 438 seconds last year. The average
grade to date was No. 1 northern spring
compared with No. 1 dark northern
spring in 2007.
SOFT RED. Mill bids on soft red winter
wheat remained at historic lows in the
face of the largest crop since 1981.
In Kansas City, No. 1 soft red bids
were unchanged at 198c under K.C. Dec.
to 108c under. Gulf bids on soft red for
September rose 5c, to 110c under Chicago
Dec. St. Louis mill bids dropped to 215c
under Chicago Dec. Chicago mill bids
for nearby declined 5c, to 105c under
Chicago Dec. Mill bids in Toledo were
215c under Chicago Dec.; October-November, 185c under. Elevator bids were
212c under Dec. Elevators were accepting no wheat until after row crop harvest
is completed. Cincinnati mill bids were
225c under Chicago Dec. Elevator bids
were 229c under Dec. Michigan white
wheat mill bids were 125c under Chicago Dec. to 75c under.
Winter wheat seeding on Sept. 14 was
1% completed in Illinois and 2% in Michigan, the U.S.D.A. said. MBN

No. 1 hard spring

Cash wheat

Milling quality, basis Minneapolis Dec., cents per bu
Sept. 19
- Change from -
Year
Premium Sept. 12
Sept. 5
ago
Ordinary
...
...
...
...
11%
...
...
...
...
12%
...
...
...
...
13%
-10 @ 20 +10 @ +25 +5 @ +20
...
13.5%
...
...
...
...
14%
20 @ 50 -10 @ +10 -25 @ +5 -15 @ 20
14.5%
50 @ 80
+5 @ +5 -25 @ -35
...
15%
160 @ 235
-
0 @ +75 5 @ 30
16%
...
...
...
...
17%
...
...
...
...

Exporter bids and offers
For
Sept. 19
shipment
Bid
Offer
No. 1 Hard 12%, Track Gulf
Basis Kansas City future, cents per bu
September
+40 Dec.
...
October
+55 Dec.
...
November
+70 Dec.
...
December
+80 Dec.
...
No. 2 Soft Red, c.i.f. New Orleans
Basis Chicago future, cents per bu
September
-115 Dec.
-105
October
-110 Dec.
...
November
-100 Dec.
...
December
-90 Dec.
-80

Year ago
bid

Canadian domestic milling wheat

...
...
...
...

+20
+40
+40
+45

Sept. 19 - Change from - Year
For shipment
Bid Sept. 12 Sept. 5
ago
No. 1 Soft White, Track, Portland
$ per bu
Nearby
...
...
...
...
September
...
...
...
...
October
...
...
...
...
No. 1 Hard 11.5%, Track, Portland
Basis Kansas City future, $ per bu
Nearby
0.35
-
-
...
September
0.35
-
-.10
...
October
0.50
-.08
-.18
0.48
No. 1 Spring 14%, Track, Portland
Basis Minneapolis future, $ per bu
Nearby
...
...
...
...
September
...
...
...
...
October
1.15
-.10
-.10
0.51

Dec.
Dec.
Dec.
Dec.

Change from Year
In-store, Thunder Bay,
Sept. 19
Sept. 12
ago
Canadian $ per tonne
Western red spring 13.5% 325.03 -11.28
318.49
Soft white spring
277.23 -26.82
351.22
Amber durum
535.35 -20.13
601.30
U.S. $ per bu
Western red spring 13.5%
8.44
-0.19
8.66
Soft white spring
7.21
-0.59
9.59
Amber durum
13.92
-0.33
16.35
Milling & Baking News

September 23, 2008 / 49
http://www.bakingbusiness.com http://www.world-grain.com
Milling & Baking News - September 23, 2008

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