US Plains HRW wheat bids steady

Cash basis bids for hard red winter wheat held mostly steady in the southern US Plains on Monday as futures hovered near recent contract lows, keeping farmer and commercial offerings to a minimum, grain merchants said. Bids eased by 6 cents per bushel in Goodland, Kansas, reflecting the roughly 5-cent spread between K.C. May wheat and July wheat futures following the widespread basis roll late last week.
Merchants were waiting to hear about yield prospects for the HRW wheat crop during the three-day Wheat Quality Council crop tour that kicks off in Manhattan, Kansas, early on Tuesday. Rains in recent days, and forecasts for more this week, have helped improve crop conditions, weighing on futures.