US Plains hard red winter wheat basis bids were steady on Monday, with the market continuing to be mostly quiet, aside from scattered efforts by mills to fill spot needs, merchants said. Mills along the west coast were noted seeking fresh supplies. Farmer selling remained light.
Protein premiums for railcar wheat to and through Kansas City were 2 cents higher for ordinary and 11 percent protein wheat supplies. Weather in the Plains remained a source of concerns as emerging wheat fields were in need of moisture.
Meanwhile, futures prices at the Kansas City Board of Trade continued to show volatility, ending 12-1/2 cents lower on Friday in the December contract, and 10 cents a bushel lower in the new-crop July contract. Prices were expected to open 4 to 6 cents higher, however, on Monday, after higher overnight pricing action.
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