Dear Charlie and Lee,
I was studying the US port basis with interest... US Wheat just updated the basis report... with VERY interesting numbers
@http://www.uswheat.org/justReleased/doc/9856929F800860ED85257372006C14CA/$File/PR071012.pdf?OpenElement#
Generally speaking... the basis (above the futures) has gone right through the roof (particularily for the PNW)since the middle of June... has gone from $.36/bu to $1.32 on HRW and $.96 to $1.60/bu for HRS @ PNW Ports.
On Page 3 of the Oct 12/07 weekly price report:
07 Basis OVER futures HRW
01Feb 27Feb
$1.10 $.80 PNW
27Feb
$.80 Gulf
April
$1.10 PNW $.86 Gulf
June
$.36 PNW $.36 Gulf
Oct
$1.32 PNW $.93 Gulf
07 Basis OVER futures HRS
June
$.96 PNW $.70 Gulf GLakes $.30
Oct
$1.60 PNW $1.56 Gulf G Lakes $.58
From my read on this... for those who held/hold futures only pricings with the CWB... this should have been particularily GOOD news! Better N.A. Basis at port position MUCH BETTER this October!
WHat HAPPENED to our CWB FPC Basis?
Worst in History by a long shot!
Have I got this all wrong?
I was studying the US port basis with interest... US Wheat just updated the basis report... with VERY interesting numbers
@http://www.uswheat.org/justReleased/doc/9856929F800860ED85257372006C14CA/$File/PR071012.pdf?OpenElement#
Generally speaking... the basis (above the futures) has gone right through the roof (particularily for the PNW)since the middle of June... has gone from $.36/bu to $1.32 on HRW and $.96 to $1.60/bu for HRS @ PNW Ports.
On Page 3 of the Oct 12/07 weekly price report:
07 Basis OVER futures HRW
01Feb 27Feb
$1.10 $.80 PNW
27Feb
$.80 Gulf
April
$1.10 PNW $.86 Gulf
June
$.36 PNW $.36 Gulf
Oct
$1.32 PNW $.93 Gulf
07 Basis OVER futures HRS
June
$.96 PNW $.70 Gulf GLakes $.30
Oct
$1.60 PNW $1.56 Gulf G Lakes $.58
From my read on this... for those who held/hold futures only pricings with the CWB... this should have been particularily GOOD news! Better N.A. Basis at port position MUCH BETTER this October!
WHat HAPPENED to our CWB FPC Basis?
Worst in History by a long shot!
Have I got this all wrong?
Comment