Basis bids for hard red winter wheat were flat in the southern US Plains on Tuesday amid slow farmer selling and light demand from millers and exporters, dealers said.
Farmers who sold wheat last week when K.C. HRW wheat futures hit two-month highs returned to the sidelines awaiting further gains, and for their crop to develop further after winter dormancy. Futures were hovering just below their peak from Monday of $4.89-3/4 per bushel.
The US Department of Agriculture late on Monday boosted good-to-excellent condition ratings for Oklahoma's and Texas' wheat crops, and left ratings steady for Kansas' crop.
The CME Group on Monday showed increased protein premiums for some classes of wheat shipped to and through Kansas City.
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