Spot basis bids for hard red winter (HRW) wheat were steady to firm in the southern US Plains on Friday while country movement was limited to farmers filling existing contracts, merchandisers said. The track basis at the US Gulf firmed by 2 cents, to 125 cents above the K.C. July HRW wheat futures contract.
Storms were crossed parts of Kansas and Oklahoma on Friday, threatening yields and quality of the maturing HRW crop. The National Weather Service posted flood watches across the eastern half of both states. Ahead of the storms, harvest began this week in central Texas into southwest Oklahoma, about seven to 10 days ahead of normal, according to a report from Plains Grains Inc, a trade group.
Preliminary yield reports ranged from 20 to 40 bushels per acre in both states, and test weights ranged from 60 to 65 lbs per bushel, Plains Grains said. No data on protein was available. Protein premiums for railcar wheat to and through Kansas City were unchanged. K.C. July HRW wheat futures settled up 12 cents at $4.38 per bushel, lifted by a weaker US dollar and worries about excessive rains in the Plains.