Hard red winter wheat basis bids were steady to firmer on Monday as demand continued to be strong for both domestic and export channels. Basis bids were 5-8 cents firmer in some Kansas locations. Rail car offers were light, leaving pipelines thin. Kansas City Board of Trade hard red winter wheat futures closed lower on Friday, with the December off 2 cents at $7.23.
A few light showers were expected this week in dry areas of the US Plains hard red winter wheat region but more rain is needed to boost production prospects, an agricultural meteorologist said on Monday. Australia is on track for a near-record wheat crop in 2011/12 thanks to benign weather in the country's top grain exporting state of Western Australia, analysts and traders said on Monday.