Hard red winter wheat basis bids were steady to firmer on Monday in the US Plains, with wheat movement slow and only spot demand noted, merchants said.
The Salina, Kansas, basis was 1 cent a bushel firmer and the basis in Lincoln, Nebraska, was 2 cents firmer, while premiums for higher protein railcar wheat to and through Kansas City were steady to 4 cents a bushel firmer.
Conditions in the drought-stricken Plains have improved slightly, with a turn to wetter weather the last two weeks. But warm temperatures and high winds over the weekend sapped soil moisture further, country sources said.
Updated crop condition reports were expected to be issued Monday afternoon.
Meanwhile, ideas that the new crop might rebound because of the more beneficial wet weather kept futures prices under pressure.
The futures market at the Kansas City Board of Trade ended 2 to 6 cents lower on Friday, with the May off 6 cents at $4.01-1/2 per bushel and July down 5-1/2 cents at $4.05-1/4.