Spot basis bids for hard red winter wheat were mostly unchanged in the southern US Plains on Friday, as bad weather approaches, grain merchandisers said. A dealer at an elevator in Goodland, Kansas, said farmers were selling some grain before a snowstorm forecasts to make landfall on Sunday. Moisture is good for dormant wheat, as it typically does well in wet weather.
The track basis at the US Gulf firmed by 1 cent, to 117 cents over K.C. March hard red winter wheat futures. Basis bids elsewhere were unchanged. Protein premiums for railcar wheat to and through Kansas City were unchanged on Thursday. United States Department of Agriculture reported export sales of US wheat in the week ended January 21 at 294,200 tonnes for old-crop and 52,800 tonnes for new crop. Trade expectations were for 250,000 to 400,000 tonnes. Russia is unlikely to make any changes to its grain export rules, three industry sources told Reuters after a meeting with Russian Deputy Prime Minister Arkady Dvorkovich following proposals to change taxation.
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