November 15, 2017

Cash basis values were higher across all markets today. Perhaps the lower futures market helped buy some demand and/or pricing of wheat in the domestic and export markets. Regardless of the reason the basis was firmer with reports of better bids and a few trades today at the offer side of the market. HRW gulf 12% protein traded at the offer +215 ct/bu for December shipment, and Kansas City domestic 12% protein HRW closed up 12 ct/bu at +212 ct/bu KWZ7. The domestic spring wheat market closed up 15-25 ct/bu on a small number of 14% protein cars offered for sale. The domestic SRW bids were up today with the Toledo mill pushing their bid to +25-30 WH8 for Dec-March shipment and NW Ohio fob bids are +20 WH8 with no offers. The SRW barge market is called unchanged but if anyone needs to buy they’ll have to pay the offer side of the market. The PNW is called “unchanged” with no nearby demand for trains/barges. There is now a cash carry into J/F/M where exporters are short cash as they compete to sell elevations. PNW exporters will price Japan tonight for Dec 20-Jan 20 shipment.

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