Hard red winter wheat spot basis bids in the US Plains were unchanged on Monday, with country movement steady, merchants said. Premiums paid for railcar wheat through Kansas City continued to drop amid an influx of South Dakota wheat coming into the market. As well, rail cars were freeing up after long delays, and mills were mostly double bought in many areas, cash traders said.
The premiums dropped a dime a bushel for 14 percent protein wheat, and fell 3 cents a bushel for 11 percent protein through 11.80-pro wheat and 2 cents a bushel for 12-pro through 12.80-pro wheat.
Futures prices at the Kansas City Board of Trade settled 1 cent higher to 1-1/2 cents lower on Friday, with the March down 1-1/2 cents at $3.33-1/4 per bushel.
The market was expected to bounce back on Monday, following higher overnight action and good export sales numbers, traders said.
The US Department of Agriculture said on Monday export sales of wheat for the week ended January 13 totalled 476,700 tonnes of old year and new year combined, above trade expectations for 250,000 to 400,000 tonnes.
Also, Algeria tendered to buy 50,000 tonnes of milling wheat, traders said on Monday.