US Plains hard red winter wheat basis bids were mostly steady on Tuesday, with farmer selling of new-crop wheat reported active as farmers took advantage of high prices. Harvesting was 59 percent completed in Kansas and Oklahoma, according to weekly state crop reports issued Monday afternoon.
The Texas crop was reported 68 percent harvested and the Nebraska crop 10 percent. The progress was well behind the average pace due to the repeated rains that have persisted in the Plains. As harvest continues to press through Kansas, the top US wheat-producing state, futures prices have made wide price swings.
Kansas City Board of Trade July wheat futures ended down 14-1/2 cents at $5.82 per bushel on Monday, while the September closed down 10-1/2 cents at $5.84-1/2 and December ended down 19-3/4 cents at $5.98-1/2. Futures were expected to open 2 to 3 cents lower on Tuesday on continued profit-taking after last week's rally to new 11-year highs.
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