Spot hard red winter wheat spot basis bids were mostly unchanged Monday amid sluggish sales and lackluster demand, according to dealers. Protein premiums were steady except for 12.60 and 12.80 percent protein wheat which saw a 1 cent a bushel gain. Sales out of the country remained slowed, though the futures market staged a partial recovery at the Kansas City Board of Trade on Thursday ahead of the three-day Easter holiday weekend.
The market settled 1-1/2 to 4 cents higher on Thursday, with the May at $3.48-1/2 per bushel, up 3-1/2 cents. Prices were expected to set back Monday on still-slow exports and a strong world value for the dollar.
Warming weather and good moisture in the Plains states was expected to help accelerate growth of the new wheat crop this week.
Insect and leaf disease were concerning wheat watchers, particularly in Oklahoma. Leaf rust and stripe rust were also noted in Texas and Nebraska. Still, yield potential in the Plains was considered good.
On the export front, a Philippines grains trader said the country was looking to buy a few cargoes of western white milling wheat from the United States for June shipments.
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