Spot basis bids for hard red winter wheat were mostly flat in the southern US Plains on Tuesday, grain merchandisers said. A dealer at an elevator in Goodland, Kansas, said farmers sold very little grain for cash-flow needs. Dealers said farmers are hoping for wheat prices to surge to $5 per bushel before they start selling.
Russian wheat export prices fell further last week and early this week due to a continuing decline in the rouble, which makes Russian grain more competitive, analysts said. The track basis at the US Gulf weakened by 1 cent, to 114 cents over K.C. March hard red winter wheat futures. Basis bids elsewhere were unchanged. Protein premiums for railcar wheat to and through Kansas City fell 5 cents per bushel on Monday for wheat with 12.4 and 12.8 percent protein. Wheat with 13.0 and 13.2 percent protein fell by 5 cents. Premiums for other grades were unchanged.