US Plains hard red winter wheat basis bids were steady Wednesday, with volatility in KCBT futures keeping farmer selling to a minimum. KCBT wheat futures fell as much as 17-1/2 cents in overnight trading, weighed by news that Russia will not go ahead with plans to hike the export tariff on wheat.
Futures fell the 30-cent daily limit on Monday, after rising by the same amount on Friday fuelled by expectations for Russia to raise the export tariff by as much as 50 percent.
"They didn't sell when futures were limit up, and I don't think they will sell now," an Oklahoma trader said. Another trader said he was taking 15 cents a bushel protection on basis bids due to the declines overnight. Other traders pegged their bids to the overnight prices.
Futures prices at the Kansas City Board of Trade fell in the overnight session, with December down 15-3/4 cents at $8.44 a bushel and March down 17-1/2 cents at $8.51.