US Plains HRW wheat-basis bids steady as CBOT wheat futures extend losses
WEAT•Spot bids for hard red winter wheat were steady in the southern US Plains as handlers cleared bin space ahead of corn and soybean harvest. K.C. December HRW wheat settled down 4-3/4 cents at $7.67 per bushel, while futures fell to a four-week low.
1. Basis bids hold steady
Spot basis bids for hard red winter wheat were steady in the southern US Plains on Thursday as grain handlers began clearing room in their bins ahead of the corn and soybean harvest.
2. Futures and premiums
K.C. December HRW wheat settled down 4-3/4 cents at $7.67 per bushel, and wheat futures extended losses to a fresh four-week low. Analysts cited expectations that diplomatic efforts could ease Black Sea export disruptions linked to Russia's war with Ukraine; grain markets also faced pressure as the dollar reached a fresh two-month high. Railcar protein premiums to and through Kansas City fell 5 cents per bushel for 11.60% and 11.80% protein wheat, and rose 2 cents for 12.60% and 12.80% protein wheat.
