Basis bids for hard red winter wheat in the US Plains were steady to weaker on Monday, as country selling remained strong, merchants said. The basis was 3 cents a bushel lower in Hutchinson, Kansas, 2 cents lower at the Galveston, Texas, Gulf Port, 4 cents lower in Enid, Oklahoma, and 2 cents lower in Catoosa, Oklahoma. Protein premiums for railcar wheat to and through Kansas City dropped 4 cents a bushel for ordinary through 13.80 percent protein wheat, while 14 percent protein wheat dropped 2 cents a bushel.
The weakness follows increased country movement after gains in the futures market spurred country selling. Even after a setback in futures prices, offers were exceeding demand.
Some merchants said farmers were needing to sell to prepare for the new crop.
"I think they delayed in their selling and now they've got to clean it out and get ready for the next crop to come in," said one Oklahoma merchant.
Kansas City Board of Trade HRW wheat futures closed 3 cents higher to 1-1/2 cents lower on Friday, with the benchmark May contract at $3.46-3/4 per bushel, down 1-1/2 cents.
Futures were expected to extend losses on Monday after Egypt turned to France for a weekend wheat purchase of 60,000 tonnes of milling wheat.
Also bearish, China's grain chief said on Sunday that China would import little wheat this year because good harvests have left big stocks.
Recent warm temperatures have helped bring wheat out of dormancy in many areas around Kansas, particularly in the south and west.
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