US Plains hard red winter wheat basis bids were holding steady on Friday, with mostly routine dealings, grain merchants said. Plains dealers said mill demand was slowed as mills had stocked up ahead of the impending Christmas holiday.
Rail car offerings were thin and protein premiums for rail car wheat to and through Kansas City were steady for ordinary and lower protein supplies, but 4 cents a bushel firmer for 11.80 percent protein through 14-pro supplies.
Several inches of snow were forecast for Friday and Saturday across Oklahoma and Kansas, with the moisture seen as beneficial for wheat fields that have been stressed due to dry conditions. "Things are looking a lot better," said one Kansas wheat merchant. Futures pricing action continued to be highly volatile, triggering skittishness both in the country and among investors.
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