US Plains hard red winter wheat basis bids were mostly steady on Monday as drier weather conditions allowed harvest to accelerate through Kansas, the top US wheat-growing state.
Yields and quality reports continued to be variable, though some reports in western and northern areas were of high yields and good test weights. That compared to poor test weights and low yields reported the last two weeks out of southern and some central areas of the state.
A report issued Monday by an organisation for Kansas wheat growers said that test weights in wheat from around Oberlin, Kansas, in north-west Kansas ranged from 59 to 64 pounds and yield reports were from 40 to 70 bushels per acre. Yields from 50 to 60 bushels per acre were reported around Leoti, Kansas, on the western edge of the state. Still, uncertainty over new-crop quality continued to keep trade slow in many areas.
Wheat futures closed sharply lower on Friday and saw lower overnight action as well. The Kansas City Board of Trade July wheat contract ended down 16-3/4 cents at $5.70-3/4. The market was expected to open 2-4 cents lower on Monday. On the export front, Egypt's main government wheat buyer said on Saturday it had bought 120,000 tonnes of US soft red winter wheat.
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