US Plains HRW Wheat-Basis unchanged as futures inch upward

CHICAGO: Hard red winter (HRW) wheat spot basis bids in the southern US Plains held steady on Monday, as farmers stored their grain while eyeing modest futures gains, merchants said.

Technical buying and short-covering lifted Chicago Board of Trade (CBOT) Kansas City HRW contracts. Word that Iraq purchased 500,000 tonnes of US hard red winter wheat added to market support.

At 12:28 p.m. CDT (1828 GMT) CBOT K.C. December HRW wheat was up 3 cents to $4.29-3/4 a bushel.

Protein premiums for railcar wheat to and through Kansas City were unchanged.