Spot hard red winter wheat basis bids in the Plains production areas and the Texas Gulf were steady to higher on Friday after the latest retreat in futures on Thursday set a five-month low, dealers said.
HRW wheat harvest continues to be slowed by rains in Kansas, with test weights under pressure from the moisture and more moisture-related problems showing up in wheat being brought to elevators, Kansas dealers said on Friday.
However, most sprouting problems were being cited in hard white wheat and disease problems appeared to be lighter than expected, they added.
Forecaster Meteorlogix on Friday said episodes of scattered showers and thunderstorms, favouring the southern and western areas, would slow harvest through the weekend.
Rains of 0.25-0.75 inch (6-19 mm) with 50-60% coverage was expected in the central Plains, with high ranging from 71-82F (21-28C).
Kansas City Board of Trade hard red winter wheat futures were called to open 1/2 to 1 cent per bushel lower on Friday on spill-over from the lower close on Thursday and on seasonal harvest pressure, traders said.
Gulf track bids for June firmed up 3 cents to 48 over July on Thursday night, as the market worked private inquiries and CCC business, traders said. But Egypt's turn to French and Australia wheat in recent tenders still had put a damper on sentiment, traders said.