Hard red winter wheat basis bids were steady on Thursday, with high protein new crop supplies continuing to overwhelm the market. The high level of protein seen in the new winter wheat crop is prompting demand to tick up for mid-level and lower protein levels.
Protein premiums for railcar wheat to and through Kansas City dropped 50 cents a bushel for 14.00 percent protein wheat while climbing 12 cents a bushel for 11.40-pro wheat. Wheat harvest through Kansas was showing good test weights and better-than-expected yields in some areas, but disappointing in others due to drought. Kansas City Board of Trade July wheat ended 33-1/2 cents lower at $7.70 on Wednesday. USDA said Thursday that weekly export sales of US wheat totalled 661,300 tonnes for the 2011/12 marketing year.
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