US Plains HRW wheat bids mixed

Spot basis bids for hard red winter wheat were mixed in the southern US Plains on Friday, with firmer values in Wichita and Newton, Kansas, as old-crop supplies dwindled with harvest more than a month away, dealers said. But the basis fell in Goodland, Kansas, this week, reflecting weaker values from Kansas City-area mills.
Protein premiums for railcar wheat to and through Kansas City were unchanged. The Commodity Weather Group predicted rains late next week in the southern Plains but said the moisture would arrive too late for drought-hit crops in the southern half of the HRW wheat belt. The benchmark KC July hard red winter wheat futures contract was down 10-3/4 cents at $7.68 a bushel as of 9:51 am CDT (1451 GMT) on Friday. Selling accelerated as the contract fell below its 50-day moving average at $7.71-1/2.