US Plains hard red winter wheat basis bids were steady to firmer on Friday with farmer selling still limited, grain merchants said. The basis in Lincoln, Nebraska, was 5 cents firmer and the market generally continued to hold a firm tone amid the light farmer selling and a mild pickup in demand.
Protein premiums for railcar wheat to and through Kansas City were mostly steady with protein from 13.2 percent to 13.4 percent up 2 cents. New deliveries against February contracts helped keep a lid on the market, as did reported substitution of spring wheat for HRW wheat in some mills.
Futures prices at the Kansas City Board of Trade set back on Thursday, as the March wheat contract closed down 1-1/4 cents at $4.87-1/2. May settled up 1/2 cent at $4.98 but July closed down 2-1/4 cents at $4.99-1/4.
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