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Cash bids for hard red winter wheat were steady in the US Plains on Friday as farmers and other market players were assessing production potential of the new crop. An industry tour of top wheat producer Kansas kicks off Monday afternoon and dozens of crop scouts will visit hundreds of fields through the state next week to gauge estimated yields.
Freeze damage and drought stress are problems for the new wheat crop, but recent moisture is seen as beneficial. Still, some experts have estimated as abandonment of poor fields could be as high as 25 percent. Protein premiums for railcar wheat to and through Kansas City rose 2 cents a bushel for 11.60 percent protein wheat and fell 5 cents for 12.40-pro wheat supplies, but were unchanged otherwise. Kansas City Board of Trade May wheat futures settled most recently at $7.63-3/4 per bushel. KCBT July wheat settled at $7.61-1/2.

Copyright Reuters, 2013

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