Hard red winter wheat cash bids in the southern US Plains were holding steady on Monday, with merchants reporting scattered, light farmer sales of old- and new-crop wheat ahead of the much-awaited USDA grains report to be released at midday.
Spotty farmer sales early Monday followed new-crop sales on Friday, triggered when the cash prices neared $8 a bushel, merchants said. Protein premiums for railcar wheat to and through Kansas City were unchanged for ordinary-11.2 percent protein, and down 3 cents/bushel for 11.4-12.4 percent. Concerns continue about the condition of the HRW winter wheat crop which needs more rain as it breaks winter dormancy. Much of the southern Plains is in drought and April showers would give the young crop a big boost.
Some rain was forecast for central and eastern Kansas this week, merchants said. Several big wheat states - Kansas, Oklahoma and Texas - will release updated crop ratings on Monday afternoon. Merchants are looking for further declines in the hard red winter wheat crop after a dry, windy week in the Southern Plains.
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