Spot basis bids for hard red winter (HRW) wheat were mixed in the southern US Plains on Thursday, firming in some locations as K.C. wheat futures fell to a 10-year low, dealers said. The basis firmed by 10 cents at Catoosa, Oklahoma. However, the basis weakened by 10 cents at Goodland, Kansas, where harvest was still a few days away.
Producers and grain buyers in Kansas were reporting generally above-average yields, the Kansas Wheat Commission said in a daily report. Concerns about low protein in this year's high-yielding crop have boosted premiums paid for high-protein grades of HRW wheat. Protein premiums for wheat shipped to and through Kansas City fell by 12 cents a bushel on Thursday for "ordinary" grade wheat, while premiums rose by 5 to 10 cents for wheat with 12.0 through 13.0 percent protein. The K.C. July HRW wheat futures contract settled down 5-1/4 cents at $4.27-3/4 per bushel after dipping to $4.27, the lowest spot price on a continuous chart since April 2006.