HRW wheat bids flat

Hard red winter wheat basis bids were mostly unchanged in the southern US Plains on Monday as futures for the variety tumbled 3 percent to contract lows on outlooks for needed rains, grain merchants said. Scattered showers fell in parts of the Plains in recent days, with more significant moisture forecast by the end of the week. This would benefit developing wheat plants, especially in the south-western parts of the region.
Expectations the US Department of Agriculture could boost condition ratings in a report due after the close of trading also weighed on futures. However, farmers were unwilling to sell at lower prices when their yield prospects were uncertain. Buyers also had ample supplies from last year's harvest, limiting potential gains in the basis or futures.