The market is focused on harvest quality of HRW & SRW. Traders anxiously seek information for HRW yields, quality & protein while waiting on sampled SRW test weight, falling number, & vomitoxin content. It is still early for HRW harvest but yields and quality are above expectations however protein is low. The country hopes it will improve as harvest expands north. SRW harvesting is also better than expected however harvesting north of the Ohio River will be important to watch as heavy rain and flooding is likely to impact quality moving forward.
HRW basis was steady to firmer at the gulf for 11% & 12% protein, but ordinary protein is difficult to define. The HRW domestic market closed lower on light trade as the mills wait to determine what quality will be available for them to mill this year. The SRW market is seeing exporter bids on the defensive, as expanded harvest, good quality & lack of demand has exporters lowering their pricing ideas. The domestic spring wheat market closed unchanged, but nearby premiums remain firm as consumptive demand slowly returns. The PNW market saw Philippines buyers pass on last nights offer. PNW exporters prepare for Taiwan, Japan & CCC to tender this week.