Hard red winter wheat basis bids were mostly steady on Tuesday, supported by the near-completion of the harvest, grain merchants said. Farmer selling remained slow amid expectations for higher prices as high heat in the Midwest damaged the corn crop. USDA said in its weekly crop progress report on Monday afternoon that 78 percent of the winter wheat had been harvested as of Sunday.
The department also said above-normal temperatures in the Midwest hurt the corn crop. Sixty-two percent of the crop was in good-excellent condition, down four percentage points from the previous week. A dealer in Goodland, Kansas, dropped bids by 5 cents. KCBT September wheat closed 9-1/2 cents lower at $7.70-1/2 per bushel on Monday.
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