Spot basis bids for hard red winter wheat were flat at grain terminals around the southern US Plains on Friday, with dealers reporting slow farmer sales. Cash prices were still too low to spark much interest from growers, despite a rally that pushed futures prices to their highest in nearly a month during overnight trading.
Most growers who have held out this long to book sales of crops they have been holding in storage since the summer harvest could afford to hold out longer, a dealer in Kansas said. Protein premiums for railcar wheat to and through Kansas City held steady. At 9:02 am CST (1549 GMT), K.C. May HRW wheat was up 1/4 cent at $4.66-1/4 a bushel. Prices peaked at $4.70-3/4 during overnight trading.
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