Spot basis bids for hard red winter wheat were steady to firm at grain terminals across the southern US Plains on Wednesday morning, underpinned by slow country movement, grain dealers said. Farmers remained uninterested in booking sales as weakness in futures eroded cash prices. Growers were content to keep their crops locked in storage bins and hope prices rebound in the coming months, dealers said.
Dealers finished rolling their basis bids to the K.C. March hard red winter wheat contract from the December contract. The December contract expires on December 14. Protein premiums for wheat delivered by rail to and through Kansas City rose by 4 cents per bushel for wheat with protein content ranging from 13 to 13.8 percent. Premiums for other grades held steady.
K.C. hard red winter wheat futures for December delivery were down 3-1/2 cents at $4.48 a bushel at 10:11 am CST (1611 GMT). K.C. March hard red winter wheat was 3-1/2 cents lower at $4.65-3/4 a bushel. The front-month hard red winter wheat contract hit its lowest since September 4.