Spot hard red winter wheat basis bids in the US Plains were steady to firmer on Wednesday in response to sluggish movement out of the country, merchants said.
The basis in Catoosa, Oklahoma, was 2 cents firmer, while the Gulf rail market was a penny a bushel firmer.
Futures prices at the Kansas City Board of Trade retreated on Tuesday, settling mostly lower, with the December at $3.41-3/4, up 1/4 cent, as the only traded contract Tuesday to post a closing gain.
The market was expected to see further losses on Wednesday, with bullish factors still scarce and good crop conditions weighing on prices.
Beneficial rainfall was moving through the Plains again this week, further boosting production prospects.
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