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Spot basis bids for hard red winter wheat were rolled forward Wednesday, with some merchants looking to take protection against an expected drop in futures prices.
Many locations had switched to post bids against the May futures contract at the Kansas City Board of Trade as the March futures contract neared expiration.
Deliveries against the March futures contract totalled 423 contracts, or 2.1 million bushels, on Wednesday.
Kansas City Board of Trade wheat futures were expected to open 3 to 5 cents lower on Wednesday in a setback from a rally to new contract highs on Tuesday.
Merchants said the lower calls would prompt them to take at least 2 to 3 cents a bushel protection.
The retreat began late Tuesday, leaving the May contract down 1 cent at $4.45-1/2, and new-crop July down 5 cents at $4.44-1/2.
Forecasts for showers next week in parts of the winter wheat belt were seen weighing on the market, and many trade sources said the market had extended itself into overbought territory.

Copyright Reuters, 2006

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