Spot cash basis bids on Monday for hard red winter wheat in the southern US Plains were unchanged despite the rise in protein premium scales led by demand for better quality product, merchandisers said. Protein premiums for wheat shipped to and through Kansas City on Friday were up 5 cents per bushel. Spot bids for hard red winter wheat barges were steady.
Kansas City wheat futures felt pressure from abundant world supplies and a stronger US dollar. Investors sold wheat futures following news that top global importer Egypt on Sunday reinstated a ban on wheat shipments containing any amount of ergot, a common grain fungus. As of 11:25 pm CDT (1625 GMT), K.C. September HRW wheat futures were 13-1/2 cents per bushel lower at $3.76-1/4.