Spot basis bids for hard red winter wheat in the southern US Plains were steady to weak on Friday, partly reflecting sales led by the steep drop in futures prices, merchants said. K.C. July HRW wheat sank to a one-week low, hit by profit-taking following the US Department of Agriculture's bearish supply and demand data.
Catoosa, Oklahoma bids for old crop wheat dropped because of protein quality issues, a merchant said. Farmers and merchants are keeping close tabs on forecasts calling for hot weekend weather in the region that could negatively affect conditioning and development of crops. As of 1:15 pm CDT (1815 GMT), K.C. July HRW wheat futures were 15-1/2 cents per bushel lower at $4.68-3/4. Protein premiums for wheat shipped to and through Kansas City were steady to lower on Thursday, reflecting reduced demand from flour mills.
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