US Plains HRW Wheat-Basis bids hold steady while futures strengthen

Spot basis bids for hard red winter wheat were steady in the U.S. Plains on Friday in quiet trade while wheat futures strengthened, aided by a pause in the dollar’s surge.

Wheat prices remain near a 2-1/2-month low against a backdrop of improving crop conditions and stiff export competition.

Rains have slashed dryness in the U.S. Plains. As of Tuesday, 43% of the nation’s winter wheat crop was in drought, down from 57% the previous week, according to the U.S. Drought Monitor.

The USDA reported net export sales of U.S. wheat in the week ended Nov. 7 at 380,100 metric tons, in line with analyst expectations of 250,000 to 550,000 tons.

Protein premiums for HRW wheat shipped by rail to or through Kansas City were unchanged for all grades of wheat.

K.C. December hard red winter wheat KWZ24 was last up 8 cents at $5.41 a bushel.
Source: Reuters (Reporting by Heather Schlitz; Editing by Krishna Chandra Eluri)