US Plains HRW Wheat-Texas Gulf basis retreat, futures advance

CHICAGO: Hard red winter (HRW) wheat cash spot basis bids at the US Gulf fell on Wednesday due to an adjustment to recent increases to near record highs, a merchant said.

The track basis at the US Gulf export terminal declined by 9 cents from Tuesday to 230 cents above the K.C. March HRW wheat futures contract.

Wednesday's protein premiums for wheat delivered by railcar to or through Kansas City were unchanged.

The Chicago Board of Trade K.C. March HRW wheat futures contract on Wednesday closed up 5 cents at $4.16-1/4 per bushel on short-covering following recent market losses.