US Plains hard red winter wheat basis bids held steady Monday as spot demand eased with delivery of March contracted shipments picking up. Protein premiums for railcar wheat to and through Kansas City were up 8 cents for 12.00- and 12.20- percent protein wheat; up 4 cents for 12.40- and 12.60-pro supplies; up 3 cents for 12.80-; and down 9 cents for 13.40-pro wheat.
There was also a 2-cent drop for 14.00-pro wheat. Wheat futures at the Kansas City Board of Trade ended higher Friday with the March contract up 13-1/2 cents at $7.10-1/2 a bushel and May up 13 cents at $7.19. Isolated yellow rust and other leaf rust were noted in parts of Texas wheat fields, while rust was largely absent in Kansas wheat, according to plant scientists. Australia's wheat output is likely to slide more than 15 percent in 2012/13 from a record-large crop this year as lower global prices may prompt farmers to shift to other crops such as canola and barley.
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