Spot basis bids for hard red winter wheat in the US Plains were steady on Tuesday in a quiet market, merchants said. The new winter wheat crop continued to struggle with a lack of adequate soil moisture in many areas. The US Department of Agriculture said that 34 percent of the new crop was in good to excellent condition, but 24 percent was in poor to very poor condition.
Wheat in South Dakota, Nebraska and Oklahoma was struggling the most, according to USDA. A lack of soil moisture in western Kansas was hurting production prospects for the new winter wheat crop, but overall the state's crop was rated 30 percent good to excellent, 46 percent fair and 24 percent poor to very poor. Kansas City Board of Trade hard red winter wheat futures closed Monday with the December contract at $8.76 per bushel.