Spot basis bids for hard red winter wheat were mixed in the southern US Plains on Wednesday as the harvest rolled northward and spot K.C. HRW wheat futures dipped below $4 a bushel, merchandisers said. The basis fell by 2 cents at Goodland, in north-west Kansas, where harvest was under way. Harvest was nearly wrapped up in Oklahoma, dealers said.
Some locations rolled bids to post against the K.C. HRW September futures contract as the July contract approached expiration. The basis at Catoosa, Oklahoma, rolled to the K.C. September and took only 10 cents of the 20-cent spread between the two futures contracts, effectively adding 10 cents to the flat price. Premiums for wheat shipped to and through Kansas City fell by 2 cents for wheat with 12.0 percent, 12.2 percent and 12.4 percent protein on Tuesday while premiums for other grades were unchanged.