Spot basis bids for hard red winter wheat in the US Plains held mostly steady Monday with rain delaying combining in some areas. Gulf track bid remained non-existent for June delivery but climbed to 70 cents over July futures for July delivery.
Sellers were reported cautious though some scattered farmer selling of new crop wheat over the scales was noted, merchants said. Harvesting continued to move northward through Kansas though some areas saw rain delays over the weekend.
Meteorlogix forecaster Joel Burgio said from 0.3 to 1.5 inches of rain, with locally heavier amounts, fell Friday and Saturday in Kansas, Oklahoma and Nebraska.
The forecast was for mostly dry conditions through Tuesday, with a few showers Wednesday and scattered showers on Thursday and Friday, with temperatures normal to above-normal, Burgio predicted.
Quality reportedly remained mostly strong, with yields ranging widely. Dean Stoskopf, a Kansas Wheat board member from Hoisington in the central part of the state, said yields in that area varied from 10 to 60 bushels per acre, according to a report issued Monday by a Kansas wheat industry group.
There was some weekend export business. Egypt's main wheat importer, General Authority for Supply Commodities (GASC), bought 175,000 tonnes of US wheat and 55,000 tonnes of Canadian wheat on Saturday for July 16-31 shipment, a company official said.
Wheat futures at the Kansas City Board of Trade ended mixed Friday, with July down 1-1/2 cents at $4.62-1/2 per bushel and September off 3/4 cent at $4.72.
The market was called to open 1 to 2 cents lower Monday.
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