US Plains spot hard red winter wheat basis bids were steady on Wednesday with movement out of the country remaining quiet despite gains in futures prices, merchandisers said. "You just can't find anything out in the country and anything you do find is pretty pricey," said one Kansas merchant. That fact was reflected in gains in protein premiums, which were up 2 cents a bushel for 12 percent protein through 14-pro wheat supplies travelling via railcar through Kansas City. Crop conditions remained a focus for farmers as the crop enters key development phases. More rain is needed for the crop to reach its yield potential, according to wheat experts.
Meteorlogix weather early Wednesday said showers may develop this week in the drier areas of the US Plains hard red winter wheat region. However, the longer range outlook continues to be drier and sometimes hotter than normal, Meteorlogix said.
In export news, South Korean flour millers bought a total of 21,500 tonnes of US No 1 wheat, traders said on Wednesday.