Hard red winter wheat spot basis bids in the US Plains were mostly steady Monday, with trade remaining quiet after the US Thanksgiving holiday, dealers said. The markets closed early Friday after being shut Thursday in observance of US Thanksgiving. "It's very quiet," said an Oklahoma merchant. "It's been so slow."
Protein premiums fell off sharply Friday for railcar wheat to and through Kansas City. Premiums were down 10 cents a bushel for 12.60 percent protein through 13.40-pro wheat, down 8 cents for 13.60-pro through 13.80-pro wheat and down 5 cents for 11.60-pro through 12.40-pro and 14-pro wheat.
Declines in what futures prices helped depress farmer selling, merchants said.
Futures prices at the Kansas City Board of Trade fell off sharply on Friday, setting new lows in some contracts. The December contract closed down 5 cents at $3.39-3/4 per bushel and March closed at $3.31-1/2, off 7 cents.
KCBT wheat futures were called to open mixed Monday.
Meanwhile, Trading Corp of Pakistan (TCP) said Monday it issued a tender to buy 40,000 tonnes of Russian and Central Asian origin milling wheat.