Hard red winter wheat spot basis bids in the southern US Plains held steady on Tuesday as futures inched higher in a quiet session, merchants said. Forecasts for warmer weather in parts of the US Plains underpinned futures prices, but the prospect of rain in some areas minimized market advances.
Would-be futures buyers clung to the sidelines following Tuesday's US Department of Agriculture grain report that estimated a record US winter wheat yield. Protein premiums for wheat shipped to and through Kansas City were unchanged on Monday. As of 1:02 pm CDT (1802 GMT), K.C. July HRW wheat futures were up 2-1/4 cents per bushel at $4.03-1/4.