Spot basis bids for hard red winter wheat in the US Plains held steady Monday with many merchants posting 10-15 cents on protection against an expected slide in futures. Bigger-than-expected quarterly stocks and ending stocks data issued by the US Department of Agriculture were seen weighing on soy, corn and wheat, though a reduction in planted winter wheat acres was seen underpinning wheat prices.
USDA said US winter wheat seedings totalled 42.098 million acres, below the average trade estimate of winter wheat seedings for harvest at 44.292 million acres. Last year 46.181 million acres were planted with US winter wheat.
Soft red winter wheat acreage was pegged by USDA at 8.29 million acres, below last year's 11.196 million and below trade estimates for 9.392 million acres. Hard red winter wheat seedings were down to 30.2 million acres, below last year's 31.217 and trade estimates for 31.124 million acres.