Basis bids for hard red winter wheat in the US Plains were steady to weaker on Tuesday amid ample domestic wheat movement, merchants said. The basis was 2 cents a bushel lower in Guymon, Oklahoma, and track bids were unquoted as were CIF values. Meanwhile, protein premiums for railcar wheat to and through Kansas City dropped 5 cents a bushel for ordinary through 13.80 percent protein wheat, while 14 percent protein wheat dropped 3 cents a bushel.
The weakness follows increased country movement after gains in the futures market spurred country selling. Even after a setback in futures prices, offers were exceeding demand.
The HRW wheat futures market at the Kansas City Board of Trade fell further on Monday, closing 1-1/2 to 7 cents lower on Monday, with the May contract at $3.42-1/2 per bushel, down 4-1/4 cents, after falling as low as $3.39-1/2. Futures were expected to extend losses on Tuesday in follow-through selling.
Recent warm temperatures have helped bring wheat out of dormancy in many areas around Kansas, particularly in the south and west.
In Kansas, the largest US wheat-producing state, the new winter wheat crop was rated 75 percent good to excellent for the month of February, according to a state crop report issued Monday.