Basis bids for hard red winter wheat held steady across the US Plains on Monday, underpinned by a lack of country offerings, dealers said. A few country elevators in Oklahoma were selling wheat to clear space, and a surge in Kansas City Board of Trade wheat futures prompted scattered, light farmer selling.
But most producers were content to hold their supplies, hoping for even higher prices.
Protein premiums for rail car wheat to and through Kansas City fell 5 to 13 cents for ordinary through 11.4 percent protein wheat supplies. But premiums for 12.8 to 13.6 percent protein rose 8 cents, and bids on 14 percent protein jumped 20 percent.
US Wheat Associates' weekly harvest report on Friday said that with 213 of an expected 530 wheat samples of the US HRW wheat harvest collected, the average protein level was 12.7 percent, compared with the 2011 average of 12.4 percent, and test weights averaged 60.6 lbs per bushel.
Comments
Comments are closed.