US Plains HRW wheat firmer

Spot basis bids for hard red winter (HRW) wheat in the US Plains production area were steady to firmer on Monday with merchants considering advancing harvest in southern areas, but also seeing quality concerns in Kansas and some spot demand to fill.
Bids were 2 cents a bushel firmer in Hutchinson and Wellington, Kansas, and Guymon, Oklahoma. In the Omaha/Council Bluffs area of Nebraska, bids were 3 cents firmer.
Protein premiums were 5 cents higher for 11 percent protein and 11.20-pro wheat and 1 cent a bushel higher for 13-14 pro wheat supplies.
Weather remained problematic for the new crop, with dry conditions persisting in the top wheat-producing state of Kansas. Nebraska saw some moisture over the weekend, but it was accompanied by violent storms.
The dry conditions were expected to persist at least through Thursday, Joel Burgio, a private forecaster for Meteorlogix, said on Monday.
Meteorlogix's six- to 10-day outlook for the Plains from Saturday through Wednesday is for normal to above-normal temperatures in the west and normal to below-normal in the east. Rainfall will be below-normal in the west and above-normal in the east.
Meanwhile, harvest advanced in areas around northern Texas and southern parts of Oklahoma.
An Oklahoma merchant said a south-west Oklahoma elevator took in 300,000 bushels over the weekend with test weights averaging good in the mid-60s but dockage was high, about 1.7 percent on average. Yields were wide-ranging, from 26 to 54 bushels per acre.
The Fort Worth Grain Exchange Friday reported that it inspected 19 cars of new wheat, with an average test weight of 62.3 pounds, and protein of 12.1 percent. Average dockage was 0.8 percent.
The harvest activity was expected to limit gains in futures at the Kansas City Board of Trade, though at least a slight uptick in prices was expected after a mixed close on Friday, traders said.
Gains could also be limited by disappointment that Egypt's General Authority for Supply Commodities over the weekend cancelled a tender to buy 50,000 to 60,000 tonnes of wheat because of unsuitable offers.
GASC had said on Friday it was seeking offers to buy US, French, Australian, Argentine and/or Canadian wheat for shipment periods June 21-30 and July 1-10, 2004.