Spot cash basis bids for hard red winter (HRW) wheat were mostly unchanged on Thursday in the southern US Plains and producer selling was minimal as K.C. HRW futures hovered near contract and multi-year lows, grain merchants said. The lone exception was the US Gulf track bid, which firmed by 4 cents at 64 cents over the K.C. July futures contract.
Rains were forecast in the southern Plains by early next week, which should boost yield prospects as the crop matures. However, producers and grain dealers are worried that protein levels might be lower than desired. Protein premiums for railcar wheat to and through Kansas City rose 10 cents a bushel on Wednesday for wheat with 11.60 and 11.80 percent protein, while premiums rose 4 to 10 cents for those with 12.0 through 14.0 percent protein. The wheat harvest could begin in Oklahoma by the end of this month. As of 11:09 am CDT (1609 GMT), K.C. July HRW wheat futures were up 4 cents at $4.46-1/4 per bushel.