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US Plains HRW Wheat-Basis steady; farmers await weekend rains


US Plains HRW Wheat-Basis steady; farmers await weekend rains

Spot basis bids for hard red winter wheat were unchanged in the southern U.S. Plains on Friday and farmer sales were minimal ahead of weekend rains that should help re-charge soil moisture at a time when producers are starting to plant the 2025 crop, dealers said.

Protein premiums for HRW wheat shipped by rail to or through Kansas City rose as domestic millers returned to the market. Premiums rose by 10 cents a bushel for wheat containing 11.8% through 12.4% protein and 13.0% to 13.2% protein, and premium jumped 25 cents for wheat with 12.6% and 12.8% protein.

In Oklahoma, a few growers have begun seeding wheat intended for cattle grazing, but others in Oklahoma and western Kansas were waiting for rain before planting, dealers said this week.

"Rains will build across the central and southern Plains and much of the Midwest this weekend into early next week," space technology company Maxar said in a daily crop weather note.

The weekly U.S. Drought Monitor report showed "moderate drought" covering 65% of top wheat state Kansas and 61% of Oklahoma as of Sept. 17. In Oklahoma, 7.5% of the state was in "extreme drought."

K.C. December HRW wheat futures KWZ24 settled down 1/2 cent on Friday at $5.64 per bushel. For the week, the contract fell 36 cents a bushel or 6%, pressured by strong competition for global export business.

Source: Reuters (Reporting by Julie Ingwersen; Editing by David Gregorio)

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