Spot basis offers for hard red winter wheat were steady to weaker on Monday with merchants continuing to be cautious amid more aggressive movement out of the country.
Storage was tight and transportation remained a struggle for many, country sources said. Fuel prices also remained a problem for farmers. The best bid in Catoosa, Oklahoma, was 4 cents weaker, while elsewhere the basis was steady. Protein premiums were also steady.
Increased farmer selling was noted as futures prices at the Kansas City Board of Trade rallied on Friday, closing 10 cents a bushel higher, at $3.80-1/4, in the December.
Some follow-through was expected on Monday, traders said.
There were some weekend showers in the Plains states, which boosted soil moisture and aided germination of the new crop, but more rain is needed.
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