US Plains hard red winter wheat basis values were steady to weaker Monday as a Kansas merchant was backing off the basis, citing plentiful supplies. Surging futures prices prompted more producer selling of old crop as well as booking of 2008 contracts.
Overnight trading of KCBT wheat futures saw prices surge to all-time highs. Expiring September hit an all-time high for the exchange of $8.35-1/2 per bushel while the bellwether December rallied to a fresh high of $8.35 and March rallied to $8.24.