Basis bids for hard red winter held steady at most terminals around the southern US Plains on Friday but continued to firm for supplies headed to the US Gulf export market, dealers said. The US Gulf track basis rose by 5 cents, to $1.22 per bushel above K.C. March HRW wheat futures after rising 7 cents per bushel on Thursday.
Farmer selling was light. One dealer at an Oklahoma elevator said that many growers were calling in to check on prices but few were willing to pull the trigger on sales as a US Agriculture Department planting report showing winter wheat acreage at its lowest since 1909 had made them bullish.
Another dealer in Oklahoma noted modest bookings of small loads, with most farmers wiling to wait to commit to large deals. Protein premiums for railcar wheat to and through Kansas City were unchanged.
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