Spot cash basis bids for hard red winter (HRW) were mostly unchanged in the southern US Plains on Thursday but values continued to creep higher at the Gulf export terminal, buoyed by concerns about harvest delays due to rains. The Gulf track bid rose to 72 cents over the K.C. HRW July wheat futures contract, up from 70 over on Wednesday and 60 over on May 10.
Texas HRW wheat harvest was just 2 percent complete as of Sunday, and the harvest is still a few weeks away in Oklahoma. But showers fell in both states this week, stalling early progress and raising worries about protein content. Protein premiums for railcar wheat to and through Kansas City on Wednesday rose 2 cents a bushel for wheat with 12.0 through 12.8 percent protein, and rose 7 cents for 13.6 and 13.8 percent protein. Premiums were unchanged for other grades. As of 11:01 am CDT (1601 GMT), K.C. July HRW wheat was down 11-3/4 cents at $4.44 per bushel, following a broad decline in commodities as the US dollar firmed.