US Plains hard red basis bids were steady to firmer on Wednesday in a mostly quiet market. Mills continued to seek out high-protein spring wheat and high-protein HRW wheat to substitute for the hard-to-find spring supplies.
New-crop prospects in the Plains were improving due to beneficial moisture in some areas. Rainfall in Texas over the past week was cited in the latest agricultural statistics report from that state as helping wheat prospects there.
However, many farmers were working to irrigate wheat fields because soils were so dry and wheat condition state-wide was rated 64 percent very poor to poor. Futures prices for Kansas City Board of Trade HRW wheat were expected to open 2 to 3 cents lower on Wednesday in consolidation moves. KCBT spot March ended up 2-1/2 cents at $10.84-1/2 in the pit on Tuesday. May settled up 2-3/4 at $10.85-1/4 and new-crop July settled up 11-3/4 at $10.28 on Tuesday.