US Plains hard red winter wheat basis bids held steady Monday, with mills mostly well covered for nearby demand, wheat merchants said. Protein premiums for railcar wheat to and through Kansas City were steady for ordinary wheat and 2 cents lower for 11.20 percent protein supplies through 14-pro wheat.
Railroads were making timely deliveries, cash traders reported and mill needs were largely met. Meanwhile, price volatility of late in the futures market was keeping wheat buyers and sellers alike on edge.
"There is a lot of uncertainty over prices," said one Kansas City cash wheat dealer. "You don't see anybody wanting to get as much wheat in as possible."
Kansas City Board of Trade futures prices gained 8 percent over the week ended Friday, with KCBT December closing Friday up 10-1/4 cents at $5.43 per bushel. March gained 8-3/4 cents to $5.54-1/4.
Futures were called to open higher Monday amid continued evidence of significant crop shortages around the globe even as timely rains improve crop prospects in the US HRW wheat belt.
Analysts in Paris said on Monday that Europe's wheat exporters were likely to increase shipments this season despite as new markets open up thanks to supply shortages in other key world origins.