Hard red winter wheat spot basis bids were steady to firmer on Monday in US Plains locations, with elevators mostly well stocked, merchants said. Some dealers were posting 2 cents per bushel protection on HRW wheat bids as they expected a lower open in Kansas City Board of Trade futures, with a strong dollar pressuring commodity prices.
Wheat futures settled 4 to 6 cents per bushel lower on Friday, with the May contract down 6 cents at $3.60-1/4 per bushel.
Weather in the Plains remained mild and conducive to healthy development of the new winter wheat crop, though more moisture was needed, according to farmers.
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