US hard red winter wheat basis bids were steady to firmer on Friday, with the Gulf market showing gains amid an otherwise quiet market. Gulf track bids were 5 cents higher, leading to increased trade in trains carrying specific protein levels, merchants said. The CIF market was 3 cents firmer, though offers were scarce.
Meanwhile, protein premiums for railcar wheat to and through Kansas City were 1 cent firmer for 11.20 percent, 11.40 and 12.40 protein wheat, and 2 cents firmer for 12.20-pro wheat.
Meanwhile, the Canadian Wheat Board says Canada's wheat crop this year would total 22.7 million tonnes, down 5 percent from last year because hot and dry weather has cut into yield potential.
And trade sources said Informa Economics estimated the US all-wheat crop at 2.175 billion bushels, with winter wheat production at 1.533 billion bushels. The last USDA crop production forecast put winter wheat at 1.525 billion bushels.
Wheat futures at the Kansas City Board of Trade were called to open lower Friday on quiet exports and an expected decline in soybean futures, traders said. The market posted gains on Thursday, with September settling at $3.38-1/4 per bushel, up 1-3/4 cents.
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