Spot basis bids for hard red winter wheat in the US Plains held steady Monday, with merchants reporting continued quiet dealings and lackluster demand. Some merchants were posting protection against expected further losses in HRW wheat futures prices. Futures on the Kansas City Board of Trade were called to open 2 to 4 cents lower Monday on weaker outside markets and poor demand.
The Kansas City Board of Trade March contract ended down 7 cents at $6.01 per bushel Friday, with May down 6-3/4 at $6.12-1/4. Dry conditions remained a concern in the southern US Plains. In world wheat news, Morocco's wheat imports rose to 4 million tonnes last year, up 8.1 percent from the previous year, with almost half of the purchases coming from France, official figures showed on Monday.