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US Plains hard red winter wheat basis values were mostly steady on Friday, with farmer selling remaining slow and mills well-covered. One Oklahoma dealer said he was posting 10 cents a bushel protection on basis bids following a decline in KCBT futures in overnight trading, with the May ending 6-1/2 cents lower at $12.85 a bushel. July fell 10-1/2 to $12.55-1/2.
Another Oklahoma dealer said he was buying wheat priced to basis values and not the cash price because of volatility in the market. The basis-only system allows this grain elevator to set the cash prices when the futures market opens. In other cases, dealers buying basis-only can set the cash price when farmers deliver the grain.
"I'm buying basis only, but I don't think farmers will be selling anything until the market opens," the second dealer said. Another dealer said he had been buying small amounts of new-crop wheat. He said old-crop supplies were tight. Futures prices at the Kansas City Board of Trade were expected to open 5 to 10 cents a bushel lower on Friday in continued in profit-taking.

Copyright Reuters, 2008

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