Hard red winter wheat basis bids were mostly steady Tuesday with more merchants noted posting bids against September wheat futures and mills continuing to seek protein for substitution with higher-priced spring wheat supplies. Markets were closed Monday for US Independence Day and dealings were light early Tuesday. Harvest of the new HRW wheat crop saw good progress over the weekend due to high heat and mostly dry conditions.
Protein premiums jumped 14 cents for 12.00- through 12.80 percent protein wheat supplies; climbed 5 cents a bushel for 11.60-pro wheat; 7 cents for 11.80-pro; and 4 cents 13.00- through 14.00-pro wheat. KCBT July wheat ended up 14-1/4 cents at $7.03 on Friday and September ended up 13-1/2 at $7.20-3/4. Deliveries posted Tuesday against expiring July futures totalled only one contract. Japan was seeking to buy a total of 126,271 tonnes of food wheat from the United States in a regular tender closing on Thursday. Millers in Malaysia, Indonesia, Thailand and the Philippines were inquiring about corn and wheat shipments after a selloff last week.
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