US Plains hard red winter wheat basis values were mostly steady on Monday with harvesting in key producer Kansas accelerating amid a turn to drier weather. US Wheat Associates reported harvesting throughout Kansas, the top US wheat-growing state, with test weights averaging more than 60 lbs per bushel and protein ranging from 9 percent to 13.5 percent.
Expectations were high for above-average yields in Nebraska, with harvest expected to be underway there after the July 4th weekend, US Wheat said. Protein premiums for railcar wheat to and through Kansas City were mostly steady to 20 cents lower. Kansas City Board of Trade hard red winter wheat futures were expected to open steady to five cents lower on Monday as a follower to weaker corn and soybean futures.
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