Cash basis bids for hard red winter (HRW) wheat held steady in the southern US Plains on Friday in quiet trade, dealers said. Farmers were delivering against existing contracts and selling small amounts of grain to clean up their books for 2016, one Kansas merchandiser said.
Dry conditions remained a worry in south-west Kansas and most of Oklahoma, the top two winter wheat states. Snow cover was absent from both states, leaving dormant crops potentially vulnerable to cold weather expected in January.
The US Department of Agriculture reported export sales of US old-crop wheat in the latest week at 568,000 tonnes, above a range of trade expectations for 200,000 to 500,000 tonnes. The total included 253,100 tonnes of HRW wheat.
K.C. HRW wheat futures were higher but only about 20 cents above contract lows set this month.
As of 10:57 am CST (1657 GMT), K.C. March wheat was up 3-1/2 cents at $4.18-3/4 per bushel.
For 2016, front-month K.C. wheat is down about 50 cents a bushel, or 11 percent, its fourth yearly decline.
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