US Plains hard red winter wheat basis bids were holding steady on Friday, with the market still quiet as harvest began rolling in southern areas. Mills were making inquiries about new-crop coverage but little business was being done yet, country sources said.
Oklahoma Wheat Commission Executive Director Mark Hodges said Thursday test cutting in that state was expected to accelerate over the next several days along the Texas border. Meanwhile, disease and insect pressure were increasingly concerning wheat growers. Oklahoma State University extension agronomist Tom Royer issued a report Thursday that said Oklahoma growers were seeing a "full-blown armyworm outbreak."
Wheat futures at the Kansas City Board of Trade settled lower on Thursday, partly from harvest pressure and partly due to export competition and weakness in corn futures. The KCBT July wheat contract ended down 6-3/4 cents at $4.78-1/2, while September was down 7-3/4 cents at $4.88-1/2.
The market was expected to get a slight rebound on Friday, with prices called mixed to 1 cent firmer. In export news Friday, a group of South Korean flour millers bought 23,300 tonnes of US No 1 wheat from Cargill, with shipment set between July 15 and August 15, and Taiwan's Flour Mills Association set a tender to buy a total of 81,750 tonnes of US No 1 wheat in two shipments for Wednesday.
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