Spot basis bids for hard red winter (HRW) wheat in the southern US Plains held steady on Wednesday on light demand and scattered farmer selling, grain dealers said. Chicago Board of Trade March K.C. HRW wheat futures rallied to a six-week high on concerns that cold weather in the US Plains may damage some of the dormant crop. The region is dry and crops lack a protective snow cover.
The US Agriculture Department said winter wheat in Kansas, the top producing state, was rated 37 percent good to excellent at the end of December, down from 51 percent a month earlier. K.C. March HRW wheat futures at 11:30 am CST (1730 GMT) was up 5-3/4 cents at $4.40-1/2 cents per bushel after peaking at $4.41-1/2, the highest since November 22. The rally triggered light farmer selling for a second straight day, grain merchants said.
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