The spot basis for hard red winter (HRW) wheat softened at the US Gulf Coast on Friday while bids held steady elsewhere in the southern Plains and farmer selling was light, grain merchandisers said. The Gulf track basis bid fell to 120 cents over the K.C. July HRW wheat futures contract, retreating from Thursday's two-month high of 126 cents over.

Farmers have been reluctant to make new-crop sales of HRW wheat until they learn more about harvest prospects. Excessive spring rains in much of the southern Plains and snow in western Kansas over the April 30 weekend have threatened yield potential and quality for the developing crop. Protein premiums for railcar wheat to and through Kansas City rose 2 cents a bushel on Friday for wheat with 11.60 percent protein, but were unchanged otherwise. K.C. July HRW wheat futures settled down 1-1/2 cents at $4.39-1/4 per bushel.

Copyright Reuters, 2017