Hard red winter wheat basis bids were steady to firmer Monday in a mostly quiet market. Harvesting of the hard red winter wheat crop was moving quickly toward completion, with Montana the current state of focus. In world wheat news, Australia, typically the world's fourth-largest exporter of wheat, remains on track to produce an above average crop in 2011/12 provided weather conditions stay favourable ahead of the upcoming harvesting, a crop analyst and farmers said on Monday. Harvesting there moves into full swing in November.
US wheat prices rebounded on Friday, leaving Kansas City Board of Trade HRW wheat with the September up 9-1/4 cents a bushel at $7.80-1/4. Protein premiums jumped 40 cents a bushel for 14.00 percent protein wheat supplies and rose 3-6 cents for 13.00- through 13.60-pro wheat. Lower protein levels saw premiums slide 1-3 cents, though some levels were unchanged.