Hard red winter wheat spot basis bids were flat to lower in the southern US Plains on Thursday, pressured by light demand and adequate supplies, dealers said. Farmer sales were muted on Thursday as futures fell sharply and as growers monitored weather forecasts calling for potentially crop-damaging cold in Kansas over the coming days.
Scattered farmer sales earlier in the week as futures prices rose to two-month highs replenished stocks at some elevators and flour mills. A Kansas miller with facilities in Wichita and Newton was not bidding for spot deliveries on Thursday after moderate farmer sales earlier in the week filled immediate needs.
An elevator in Enid, Oklahoma, cut its spot basis bid by 10 cents a bushel amid weakening cash premiums at Gulf Coast export terminals. Protein premiums for wheat shipped to and through Kansas City held steady on Wednesday after falling sharply the previous day, according to the most recent CME Group data.
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