US Plains hard red winter wheat basis bids were mostly steady Friday with sporadic harvesting and sky-high futures prices the focus of farmers and millers alike. The Gulf basis dropped 2 cents a bushel, but otherwise bids were flat as merchants and traders said wheat dealings were mostly thin.
Uncertainty prevailed through the Plains over new-crop yields, quality and timing of harvest in Kansas, the top US wheat-producing state, they said. "We haven't really had a lot of new crop trade because of the uncertainty," said wheat trader Morgan Shay. "The mill is just handcuffed here for a little bit. They are waiting until harvest to see what we have."
Excess rainfall in many areas not only delayed combining but contributed to poor quality, which can translate to steep discounts at elevators. A harvest report issued by the Oklahoma Wheat Commission on Thursday said harvest in all regions of central Oklahoma have been put on hold for the next couple of days because of rains totalling 1 to 5 inches. Yields in the central part of the state to date have averaged 18 to 25 bushels per acre, and test weights have averaged 57 lbs, the commission said.
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