KCBT wheat basis steady in thin dealings

Hard red winter wheat basis bids held steady on Friday in thin dealings following the Thanksgiving Day holiday. Markets were closed on Thursday for Thanksgiving. Farmer selling stayed slow and dealers said they did not expect producers to look for active marketing yet. Wheat conditions continued to look good as precipitation improved soil moisture levels.
The US Department of Agriculture said on Friday that weekly US wheat export sales totalled 614,500 tonnes for the 2011/2012 marketing year, up 94 percent from the previous week and 96 percent from the prior four-week average. Protein premiums for railcar wheat to and through Kansas City rose 2-3 cents a bushel for 12.00-13.00 percent protein wheat and fell 1 cent for 13.20-pro wheat. Kansas City Board of Trade hard red winter wheat futures closed down 12 cents a bushel at $6.49 on Wednesday.