Hard red winter wheat basis bids were steady Thursday in light activity as producers held on to recently harvested crop supplies, dealers said. There was little movement of the new crop as producers waited for better prices, dealers in Kansas and Oklahoma said. The producers also held on to early harvest supplies because of the smaller crop, a dealer in north-eastern Oklahoma said.
While harvest was finished in portions of the US Plains, producers in north-western Kansas and southern Oklahoma had not started yet, a dealer in south-eastern Kansas said. A river terminal in Catoosa, Oklahoma rolled the HRW whet bid to the Kansas City Board of Trade September futures contract. An elevator in northern Oklahoma plans to roll the HRW wheat bid against the KCBT September futures contract on Friday. KCBT July and September futures contracts fell more than 6 percent on Thursday and CBOT July and September contracts fell more than 7 percent after a US Agriculture Department report showed grain supplies as of June 1 above market forecasts.