The basis levels reported for railcar purchases of No. 1 Dark Northern Spring Wheat track Portland have been mostly stagnant over the course of the past month, although may have shown signs of life on Nov. 1.
Over the course of October, the range of basis reported for 13% protein showed modest strength, up 25 cents USD to unchanged since the first day of the month to a range of 70-to-87 cents over the December contract. At the same time, the range of bids for 14%, 15% and 16% protein were reported flat at 90-to-95 cents over the December contract for the last 10 days of the month, a sign that buyers showed little interest in the higher quality.
The Nov. 1 report shows 13% protein bid at 70-to-99 cents over the December, unchanged to up 12 cents, 14% protein at 90-to-115 cents over, unchanged to up 20 cents, 15% protein at 90-to-123 cents over, unchanged to up 28 cents and 16% at 90-to-131 cents over, unchanged to up 36 cents.
While this remains well-below the reported values for the same date in 2017, this could prove to be a shift in demand for the higher qualities and bears watching.
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