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US Plains HRW Wheat-Basis bids steady to weaker as harvest progresses

Spot basis bids for hard red winter (HRW) wheat were steady to lower at grain elevators in the southern U.S. Plains on Friday as the harvest expanded and farmer offerings increased, grain merchandisers said.

* The spot basis fell by 10 cents at Catoosa, Oklahoma.

* Merchandisers said some farmer selling had begun but “nothing too crazy.” The wheat harvest was 33% complete in Texas and 22% complete in Oklahoma by June 2, the U.S. Department of Agriculture (USDA) said this week. US/WHE

* Early yield reports from the harvest were “better than expected,” according to a weekly harvest report released on Friday by U.S. Wheat Associates, a trade group. Protein content in early-harvested wheat ranged from 10.5% to 12.0% and test weights were averaging 60.0 to 62.0 pounds were bushel, the report said. A standard bushel of wheat weighs 60 pounds.

* A drier forecast for the southern Plains after rain this weekend and early next week is expected to aid field work and speed wheat maturity, analysts said.

* Ahead of the USDA’s June 12 monthly crop production report, analysts surveyed by Reuters on average expect the government to raise its estimate of the U.S. 2024 HRW wheat crop to 716 million bushels, from 705 million bushels previously.

* Protein premiums for HRW wheat shipped by rail to or through Kansas City fell by 3 cents a bushel for wheat with 13.0% through 14.0% protein on Friday. Premiums for other grades were unchanged.

* K.C. July HRW wheat KWN24 futures settled 12-1/4 cents lower at $6.65-3/4 per bushel, following a slide in CBOT wheat WN24 after Turkey said it would halt wheat imports, denting global demand for the food grain.
Source: Reuters (Reporting by Renee Hickman; Editing by Kirsten Donovan)

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