US Plains HRW wheat bids steady

Spot basis bids for hard red winter wheat held steady across the interior southern US Plains on Friday but continued to firm for supplies headed to the US Gulf, grain dealers said. Farmer sales remained slow, even with a rally in the futures market pushing prices higher, a dealer in Kansas said. Concerns about tightening global supplies of wheat with a high enough protein level to meet requirements for the export market underpinned the basis.
Protein premiums for wheat delivered by railcar to or through Kansas City were mostly steady to firmer, rising by 31 cents per bushel for wheat with protein content of 11.8 percent. But premiums for wheat with 11.2 percent protein content weakened by 5 cents per bushel. At 11:17 am CDT (1617 GMT) K.C. July HRW wheat futures were up 8 cents at $4.73-1/4 per bushel.