Hard red winter wheat spot basis bids were unchanged in the southern US Plains on Monday as rising futures triggered light selling by farmers, dealers said. K.C. HRW wheat futures for May delivery rose to a two-month high on short-covering. Prices were also underpinned by forecasts for bitter-cold temperatures late this week and persistent dryness in the western portions of the region.
Dealers said it was too early to say whether a return to cold temperatures could damage growing wheat plants, after warmer-than-normal conditions led the crop to emerge from dormancy earlier than usual this year.
A wheat buyer in north-west Kansas said farmers would likely sell if cash prices reached $4.50 per bushel, roughly 25 cents above current levels.