KC CASH HRW WHEAT: The basis was unchanged to 22 cents higher today, with the ordinary and 11.0 proteins 15 cents higher; 11.2 and 11.6 proteins 20 cents higher; 11.4 proteins 22 cents higher; 11.8 proteins 17 cents higher; and 12.0 through 13.0 proteins 10 cents higher.
GULF HRW WHEAT, 11.0% protein: Aug shipment was at 15 over KCBT September. Wheat for Sep shipment was 20 over September. Wheat for Oct shipment was 35 over December.
PNW WHEAT: The Pacific Northwest wheat markets were unchanged to higher today. First half of August soft white wheat values were 50 cents higher at 6.50 today. First half of August hard red spring wheat values were unquoted over MGE Sep futures. Hard red winter wheat values for first half of August shipment were at 9 cents higher at 26c under KCBT Sep wheat futures.
KCBT Wheat Futures: Kansas City wheat futures traded into higher territory this morning, but failed to find support and settled mixed to lower on the day. Despite a volatile week in KC wheat futures, the markets settled 3 1/2 cents and 3 cents higher in the Sep and Dec contracts respectively on the week. Early strength today was supported by higher European milling wheat prices trading overnight, traders said. Concerns about shrinkage of the world wheat supplies due to drought in the EU and FSU continue to plague the markets. Yesterday's bullish USDA carryout data carried over into the morning session today. Bearish news came in the form of rainfall in dry western wheat areas of Australia. A new forecast later in the day for possible chances of rain in Russia also deflated early gains, traders said. KC Sep wheat settled 1 1/2 cents lower at $7.23 1/2.
