Spot basis bids for hard red winter wheat were steady to firm in the US Plains on Tuesday, supported by demand from elevators and a lack of farmer selling, dealers said. Combines were starting to roll again after a wet weekend slowed the harvest.
The Kansas Wheat commission reported yields from fields harvested in the last few days between 25 and 50 bushels per acre, with test weights ranging from 55 to 62 lbs per bushel and variable protein. The basis firmed by 5 cents at Hutchinson and Goodland, Kansas, and by 10 cents at Catoosa, Oklahoma.
Protein premiums for railcar wheat to and through Kansas City were 3 to 10 cents higher for most levels between 11.6 and 13 percent protein. Dealers noted a carry in the futures market that was encouraging farmers and elevators to store wheat. Kansas City Board of Trade hard red wheat futures closed higher Monday on a short-covering bounce following a two-day selloff, with the July up 18 cents at $6.55 a bushel. Values fell on Tuesday
USDA said the US winter wheat harvest was 20 percent complete as of Sunday, up from 9 percent the previous week and ahead of the five-year average of 3 percent. Kansas harvest also 20 percent complete. USDA said 52 percent of the US winter wheat crop was rated in good to excellent condition, down from 54 percent the previous week.