Hard red winter wheat spot basis bids in the US Plains were steady on Thursday, merchants said. Crop-damaging drought in key growing areas is retreating, leaving some key HRW wheat production areas with good soil moisture ahead of fall planting. A "Drought Monitor" report issued on Thursday by a consortium of state and federal climatologists showed nearly 70 percent of the High Plains with no drought levels as of Tuesday.
Three months ago, more than 50 percent of the High Plains was suffering from abnormally dry or worse conditions, the report said. Drought levels in top wheat-producer Kansas were down significantly, the report showed. Roughly 37 percent of the state is now suffering from severe drought or worse, down from 70 percent of the state three months ago. Protein premiums for railcar wheat to and through Kansas City rose 3 cents a bushel for wheat supplies with 11.80 percent protein but were otherwise unchanged. Kansas City September wheat futures were at $6.39 early Thursday.
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