US Plains hard red winter wheat basis bids were mostly steady on Thursday, with sentiment lifted by confirmation of a sale to Iraq, traders said. "Every little bit helps," a trader said after USDA announced the sale of 100,000 tonnes of HRW wheat to Iraq for delivery in the current marketing year that began June 1.
Trade sources in Jordan said this week that Iraq had bought 300,000 tonnes of US and Canadian wheat. US traders said the HRW wheat harvest remained hobbled by wet fields in parts of the Plains. "I don't think we'll be able to harvest all of the crop," a Oklahoma trader said.
Harvesting was 59 percent completed in Kansas, and 59 percent done in Oklahoma, according to weekly state crop reports issued Monday afternoon. The Texas crop was reported at 68 percent cut, and in Nebraska 10 percent of the crop was harvested. The progress was well behind the average pace, due to the repeated rains that have persisted in the Plains.
Kansas City Board of Trade July wheat futures ended up 3 cents at $5.85 per bushel on Tuesday, while the September closed 1/2 cent higher at $5.85 and December unchanged at $5.98-1/2. Futures were called to open 8 to 10 cents higher Thursday following the Independence Day holiday on fresh export sales.
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