US Plains spot hard red winter wheat basis bids were unchanged on Monday morning with business quiet ahead of harvest, merchandisers said. Mills were mostly well-stocked and producers were mostly sold out of old-crop supplies, leaving the market focused on spring crops and upcoming harvest of the new HRW wheat crop. Still, there were some adjustments in premiums paid for different protein supplies. The protein premiums for railcar wheat to and through Kansas City were 1-3 cents a bushel higher on Friday afternoon, with the strongest demand seen for 12.00 and 12.20 percent protein wheat.
Dry weather in the Plains winter wheat belt remained a concern for producers, with most of the new crop needing additional moisture during the final and key development stages.
Meteorlogix forecaster Mike Palmerino said Monday that dry weather was stressing the crop in Oklahoma and Texas and in parts of south-west Kansas.
Meteorlogix's six-to-10-day forecast for the Plains from Saturday through Wednesday is for normal to above-normal temperatures and normal to below-normal rainfall.
USDA will release an updated crop condition rating late Monday in its weekly state-by-state crop progress report.
The dry conditions were seen as supportive to prices, and futures at the Kansas City Board of Trade closed 2 to 4-1/2 cents higher Friday, with the July at $3.20 per bushel, up 4-1/2 cents.
Traders said the market would likely extend those gains on Monday.
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