US Plains hard red winter wheat basis bids held steady Wednesday morning as wheat merchants awaited the kick-off of active harvest. Limited test cutting was noted in south-west Oklahoma but moisture content was "sky high," indicating the crop there was not yet ready for harvest, said Bruce Jones of the Fort Worth Grain Exchange.
Where the wheat in question was sent for testing. Jones said harvesting should get under way in Texas soon. "I expect by this time next week we should be going," he said. Updated crop conditions issued Monday afternoon showed 85 percent of the Texas crop headed. The Oklahoma crop was 96 percent headed, according to the updates. The crop was slower to mature in Kansas, at 50 percent headed, compared to 83 percent last year and the 71 percent five-year average.
Wheat futures shrugged off new-crop harvest pressure on Tuesday to follow corn higher. The Kansas City Board of Trade July contract ended up 9 cents at $4.89-1/2 on Tuesday, and September ended up 8-3/4 cents at $5.00-3/4. Overnight action was fractionally mixed. The market was expected to see at least a light setback on Wednesday, however, with prices called 1-2 cents lower.
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