Hard red winter wheat basis bids were steady to firmer on Wednesday on light farmer selling of a thin new-crop harvest. Still, mill demand was lacklustre, making for a mostly quiet market. Quality of bushels coming in was generally good. The Fort Worth Grain Exchange said it had analysed 12 new wheat samples from May 17 and found good test weight, averaging nearly 62 lbs per bushel and high protein averaging 13.2 percent. But the good quality is coming on light yields.
Protein premiums for rail car wheat were unchanged. Kansas City Board of Trade hard red winter wheat July closed 18-1/2 cents higher at $8.94-1/2. Morgan Stanley lowered its 2010/2011 wheat price forecast to $7.00 a bushel given the weakness observed in the last three months. Tightening wheat balances leave little room for supply disruptions in 2011, the bank said.
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