Milling & Baking News - June 29, 2010 - 43


Cash Wheat
HARD WINTER. Premiums on hard red
winter wheat in Kansas City were 5c a bu
higher to 12c lower last week. Gains were
registered across the lower-third of the
protein scale except at 11%, which was
unchanged. The basis on 12%-protein
wheat edged 2c a bu lower, but the widest
losses, 4@12c a bu, were posted from
12.6% protein to 13.6%.
A principal factor in the contrary moves
in the basis was the uncovering of pockets
of protein across southern Kansas, where
the harvest made rapid progress after
rain delays. Wheat harvested around
Hutchinson, Kas., seemed to have an
average protein of 12%-plus, and the
same was said about wheat in the Wichita
area. Wheat protein around Abilene, Kas.,
seemed to be averaging around 11.5% with
Salina area wheat protein ranging from
high-10% protein to low 12%. The trade
eagerly awaited harvest results north of
I-70 in Kansas with regard to protein. If
additional high-protein wheat is harvested
as combining progresses northward,
the historically wide spread between
premiums on low-protein and high-protein
hard winter wheat may continue to narrow.
Kansas farmers were storing most
of their harvested wheat and soon will
decide how much to market and how
much to hold.
Initial baking test results on new crop
southern Kansas wheat were termed
"good." One miller pointed out while the
industry was heartened with reports of
higher protein, it was the quality of that
protein that really mattered.
The winter wheat harvest as of June
20 was 43% completed in Texas (56% as
the 2005-09 average for the date), 53%
in Oklahoma (67%) and 10% in Kansas
(20%), the U.S. Department of Agriculture
said in its weekly Crop Progress report.
Wheat was 100% headed in Texas,

No. 1 hard winter
Basis Kansas City July, cents per bu
June 25 - Change from -
Premium June 18 June 11
Ordinary -55 @ -40 +5 @ +5 +5 @ +5
11%
-50 @ -35
-
+3 @ +3
11.2% -40 @ -25 +5 @ +5 +3 @ +3
11.4% -20 @ -5 +1 @ +1 +7 @ +7
11.6% -20 @ -5 +1 @ +1 +3 @ +3
11.8% -20 @ -5 +1 @ +1 -3 @ -3
12%
-13 @ 2
-2 @ -2 -3 @ -3
12.2%
-3 @ 12
-
-4 @ -4
12.4%
13 @ 28
-
-
12.6%
15 @ 30 -5 @ -5 -5 @ -5
12.8%
25 @ 40 -10 @ -10 -10 @ -10
13%
41 @ 56 -9 @ -9 -9 @ -9
13.2%
41 @ 56 -11 @ -11 -11 @ -11
13.4%
41 @ 56 -12 @ -12 -12 @ -12
13.6%
56 @ 71 -4 @ -4 -4 @ -4
13.8%
70 @ 85
-
-
14%
80 @ 95
-
-
bakingbusiness.com / world-grain.com

Year
ago
-1 @ 14
10 @ 25
12 @ 27
32 @ 47
41 @ 56
51 @ 66
61 @ 76
64 @ 79
67 @ 82
70 @ 85
73 @ 88
77 @ 92
81 @ 96
85 @ 100
88 @ 103
90 @ 105
95 @ 110

Oklahoma and Kansas, 99% in Colorado
(100% as the average), 96% in Nebraska
(99%), 90% in South Dakota (90%) and
17% in Montana (60%).
HARD SPRING. Premiums on hard
red spring wheat quoted as delivered
Chicago/beyond values in relation to the
Minneapolis July wheat future were 15c a
bu higher to 60c lower last week. As hard
winter wheat harvest results from Kansas
began to point to a higher average protein
than seen during the previous couple of
years, spring wheat buyers began to
reevaluate ideas of the relative value of
spring wheat protein. Hard winter wheat
and hard spring wheat of similar proteins
may be substituted for each other in
certain baking applications.
Spring wheat headed as of June 20 was
14% in the six key states (16% as the fiveyear average for the date), including 6%
in North Dakota (10% as the average),
36% in South Dakota (39%), 50% in
Minnesota (17%), 2% in Idaho (12%),
27% in Washington (53%) and none in
Montana (9%), according to the U.S.D.A.
Spring wheat rated good to excellent
in the six key states on June 20 was
84% compared with 86% a week earlier
and 77% last year. Wheat rated good
to excellent was 85% in North Dakota,
75% in South Dakota, 85% in Minnesota,
81% in Montana, 92% in Idaho and 88%
in Washington. The crop was off to an
outstanding start.
The Agricultural Marketing Service
office at the Minneapolis Grain Exchange

indicated the freight rate spread between
the delivered Chicago/beyond rate and
the Minneapolis unload rate remained
15c a bu; the spread between DuluthSuperior unload rate and Chicago/
beyond rate remained 25c a bu.
SOFT RED. Mill bids on soft red winter
wheat were firm to 15c a bu higher last
week. In Kansas City, No. 1 soft red bids
were unchanged at 50c under K.C. July to
45c over. Gulf bids on soft red for nearby
advanced 10c a bu, to 55c over Chicago
July. St. Louis mill bids advanced 15c a bu,
to 65c over Chicago July. Chicago mill bids
were 20c under Chicago July; new crop,
30c under September. Mill bids in Toledo
for nearby held at 5c under Chicago July;
new crop, 20c under September. Elevator
bids were 15c under July; new crop, 15c
under July. Cincinnati nearby mill bids
were at the Chicago July futures price for
old and new crop. Elevator bids also were
even with the Chicago July futures price
for old and new crop. Michigan white
wheat mill bids were 70@85c over Chicago
July; new crop, 60@85c over July.
The winter wheat harvest as of June
20 was 20% completed in Illinois (27%
as the average for the date), 15% in
Indiana (12%), 43% in Missouri (35%),
91% in Arkansas (84%) and 80% in North
Carolina (54%), the U.S.D.A. said.
As the harvest expanded, concerns
were voiced about the incidence of
vomitoxin in certain areas of Missouri,
Indiana and Ohio. Some truckloads have
been rejected by mills. MBN

No. 1 hard spring

Cash wheat

Basis Minneapolis July, delivered Chicago\beyond cents
per bu
June 25
- Change from -
Year
Premium June 18
June 11
ago
Ordinary
...
...
...
...
11%
...
...
...
...
12%
-60
-5 @ -50 -40 @ -50
...
13%
-15 @ 30 -30 @ 0
-35 @ -10 10 @ 15
13.5%
75
-15 @ -25 +15 @ -35 30 @ 40
14%
140 @ 155 -35 @ -40 -10 @ -25 65 @ 70
14.5% 210 @ 225 -20 @ -5 +10 @ +10 105 @ 115
15%
300 @ 375 -60 @ +15 -50 @ +25 150 @ 180
16%
...
...
...
...
17%
...
...
...
...

Exporter bids and offers
For
June 25
shipment
Bid
Offer
No. 1 Hard 12%, Track Gulf
Basis Kansas City future, cents per bu
June
...
...
July
+5 July
...
August
+5 Sep.
20
September
+10 Sep.
30
No. 2 Soft Red, c.i.f. New Orleans
Basis Chicago future, cents per bu
June
+55 July
...
July
+55 July
...
August
+50 Sep.
...
September
+55 Sep.
...

Ingredient Week

Year ago
bid

...
+82 July
+83 Sep.
+83 Sep.

-5
-5
-10
+5

July
July
Sep.
Sep.

June 25 - Change from -
For shipment
Bid
June 18 June 11
No. 1 Soft White, Track, Portland
$ per bu
June
...
...
...
July
4.55
-.05
...
August
4.50
-
+.15
No. 1 Hard 11.5%, Track, Portland
Basis Kansas City future, $ per bu
June
...
...
...
July
0.15
-
-
August
...
...
...
No. 1 Spring 14%, Track, Portland
Basis Minneapolis future, $ per bu
June
...
...
...
July
1.10
-
-
August
1.10
...
...

Year
ago
...
5.70
5.75
...
0.25
0.20

...
0.80
0.80

Canadian domestic milling wheat
Change from Year
In-store, Thunder Bay,
June 25
June 18
ago
Canadian $ per tonne
Western red spring 13.5% 249.10 -10.37
310.25
Soft white spring
215.28
+2.74
254.22
Amber durum
224.81
+2.86
372.85
U.S. $ per bu
Western red spring 13.5%
6.54
-0.36
7.32
Soft white spring
5.65
-
6.00
Amber durum
5.90
-
8.80
Milling & Baking News June 29, 2010 / 43
http://www.bakingbusiness.com http://www.world-grain.com
Milling & Baking News - June 29, 2010

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