Reports are surfacing that recent rains have saved a dying wheat crop. Some producers in Garfield County, Okla., report the rain improved their wheat yield potential from 15 bushels per acre to 24 bushels. The normal yield is 40 bushels per acre.
Wheat may be forward contracted for harvest delivery for about 30 cents less than the KC July wheat contract price. The basis range is from a minus 50 cents (southern Oklahoma and Texas Panhandle) to a minus 15 cents (north central Oklahoma). Using a KC July wheat contract price of $5.65, the harvest forward contract price would be $5.35 ($5.65 - $0.30).