Hard red winter wheat basis bids were holding unchanged on Monday in several US Plains locations. Moisture through Kansas over the weekend was noted, but western areas where moisture was most needed received only negligible amounts, said Meteorlogix forecast Mike Palmerino. "It is pretty much meaningless," Palmerino said.
Forward forecasts were mostly dry, he said. Some farmers in dry western areas with poor stands were evaluating the costs of tearing up wheat fields to plant corn this spring. Slow movement in northern areas prompted some mills to substitute hard wheat for spring wheat supplies. Protein premiums on railcar hard red winter wheat to and through Kansas City rose 5 to 13 cents a bushel for 11.40- through 12.60-percent protein wheat supplies. Kansas City Board of Trade HRW wheat futures ended higher on Friday, with the May up 1-3/4 cents at $8.55.