Spot basis bids for hard red winter wheat in the US Plains were steady on Wednesday, with mills reportedly well-stocked through the summer. Protein premiums for railcar wheat to and through Kansas City did advance for 12 percent protein through 14-pro wheat by 2-5 cents a bushel but otherwise premiums were flat.
Harvest was under way in Texas and southern Oklahoma and test cutting was reported Tuesday in Kiowa, Kansas, with a reported yield there of 16 bushels per acre.
Back in Texas, the Fort Worth Grain Exchange reported that it took in 45 new wheat samples on Tuesday. The samples showed average test weight of 61.6 pounds, average moisture of 12.1 percent, average dockage of 1.3 percent and average protein of 13.2 percent. There was no yield report, but country sources have reported yields sharply down from last year.
Futures prices at the Kansas City Board of Trade posted new contract highs on Tuesday but then fell back on profit taking. The July contract closed down 5-1/2 cents at $5.12 and the September ended down 4-3/4 cents at $5.18-3/4.
The market was expected to open 2-4 cents lower on Wednesday on follow-through selling.
In export news, South Korean flour millers bought 44,000 tonnes of US No 1 wheat from Cargill.
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