Spot basis values for hard red winter wheat were mostly unchanged on Monday, with slow country movement, merchants said. Weather remained mild in the Plains with wheat emerging well, and rainfall over the weekend only improved the outlook, grain dealers said.

Protein premiums were up a penny a bushel for 11.60 through 14.00 percent protein wheat.

The futures market for hard red winter wheat futures at the Kansas City Board of Trade settled 2 to 5-1/2 cents lower on Friday, with the December contract at $3.76, down 2-1/4 cents, and the March at $3.78-3/4, down 2-1/2 cents.

The market was expected to open steady to 1 cent lower on Monday in follow-through from Friday's selling.

Copyright Reuters, 2005