US Plains hard red winter wheat basis bids were steady on Friday as drier weather conditions allowed harvest activity to pick up in Kansas, the top US wheat-growing state. Yields were ranging widely. A report Friday by Kansas wheat growers said yields were ranging from 5 to 40 bushels per acre and test weights also were varying widely.
"The proteins continue to be all over the map, but mostly low. All the yields so far around here have been disappointing at 15 to 20 bushels per acre, and test weights have been crummy," said one wheat merchant in Wichita, Kansas. "It's a mess."
Protein premiums for railcar wheat to and through Kansas City were unchanged to 3 cents a bushel higher. Trading of new-crop cars from Hutchinson was reported. Southwest parts of Kansas were reportedly producing higher test weight wheat, while the undesirable low test weight wheat was seen in many central areas.
Wheat futures closed mixed on Thursday. The Kansas City Board of Trade July wheat contract ended up 1 cent at $5.87-1/2, and the September ended down 1-1/4 cents at $5.96-1/2.
The market was expected to open 5 to 7 cents lower on Friday. On the export front, Algeria this week bought at least 150,000 tonnes of optional origin milling wheat, paying around $280 a tonne, cost and freight included, European traders said on Friday.
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