Spot basis bids for hard red winter wheat were flat in the southern US Plains on Friday, and producer sales were thin as K.C. hard red winter wheat futures fell to two-week lows, merchandisers said. Growers were also waiting to see what sort of yields and quality they will have following widespread rains across the region in recent weeks, with the crop just a few weeks from harvest.
Torrential rains in Oklahoma and Texas last weekend may cause pockets of sprouting and reduced wheat test weights, but the moisture also benefited crops in many areas. Protein premiums for railcar wheat to and through Kansas City firmed by 3 cents for wheat with 12.0 through 12.8 percent protein on Thursday, while other grades were unchanged. The basis firmed by 1 cent to $1.23 over K.C. July futures at the US Gulf CIF export market. As of 11:46 am CDT (1646 GMT), K.C. July wheat was down 12-1/4 cents at $4.98 per bushel.