Hard red winter wheat basis bids in the US Plains were steady on Wednesday with the market eying new crop development but little movement noted in the country. A turn to warmer weather was expected to accelerate lagging development of the new winter wheat crop in the US Plains. Still, concerns about another low-protein wheat crop were developing due to moisture conditions.
KCBT wheat was called to open 2-4 cents lower on Wednesday after the benchmark May contract ended up 6 cents at $4.79-1/2 on Tuesday. USDA on Wednesday forecast total US wheat acres at 53.827 million, with the wheat harvest seen at 1.95 billion bushels. Corn plantings forecast at 88.8 million acres would be second-largest since 1946 and soyabean plantings would set record at 78.1 million acres.