HRW wheat bids steady

Hard red winter wheat basis bids in the US Plains were steady on Thursday in a mostly quiet market. Snowfall in western areas slowed some rail transportation, but was welcomed by farmers in that area whose fields were suffering drought stress. Kansas City Board of Trade HRW wheat futures ended at a three-month low on Wednesday with the May down 20-1/2 cents at $8.53-1/2.
The US Agriculture Department on Thursday forecast US ending stocks for the 2010/11 crop year at 843 million bushels, 25 million bushels above its last forecast and greater than analysts' expectations for 810 million bushels. USDA also boosted its forecast for global stocks to 181.9 million tonnes from 177.77 million tonnes.