US Plains hard red winter wheat basis bids were mostly steady on Friday, with farmer selling of new crop supplies slow in most areas. Traders said farmers were unable to push ahead with the harvest in parts of Oklahoma and Kansas due to wet fields, adding that some of the crop might not be harvested.
"Farmers are not doing much around here," a trader in Catoosa, Oklahoma, said. "There's no farmer selling because they have nothing to sell," he added. The US Agriculture Department said in a weekly report wheat export sales last week totalled 538,400 tonnes, 14 percent below the previous week. Of that, 228,300 tonnes were hard red winter wheat.
Kansas City Board of Trade July wheat futures ended up 18-1/2 cents at $6.03-1/2 per bushel on Thursday, while September closed 14 cents higher at $5.99 and December up 12-1/2 cents at $6.11. Futures were expected to open steady to 1 cent higher on Friday amid supportive export sales and spillover strength from corn and soybeans.
Comments
Comments are closed.