US Plains hard red winter wheat basis bids were flat in the southern US Plains on Monday and country movement was quietly steady despite a jump in Kansas City Board of Trade wheat futures on Friday, dealers said. KCBT May wheat surged 43-1/2 cents per bushel, or 6.6 percent, on Friday, joining a broad rally in Chicago grain futures following USDA's March plantings and quarterly stocks reports.
The new HRW wheat crop was developing ahead of schedule amid favourable weather conditions, but farmers were anxious about the prospects for a spring frost, dealers said. The worries were limiting farmer sales of new-crop wheat because producers wanted to make sure they have a crop to sell. Protein premiums for rail car wheat to and through Kansas City on Friday climbed 1 to 4 cents a bushel for 12.00 to 13.20 percent protein wheat and climbed 6 cents for 14 percent protein; other grades were unchanged.
Seasonal temperatures and occasional rainfall were expected this week in the US Midwest and Plains which will boost prospects for the 2012 wheat harvests. "Nothing exciting this week," said Jason Nicholls, meteorologist for AccuWeather. Kansas City Board of Trade HRW wheat futures set back in early moves on Monday, falling on spreads against MGEX wheat after USDA on Friday projected lower-than-expected US spring wheat plantings.