"We saw a huge increase in the amount of movement yesterday. I think guys decided to cut loose of some wheat," said one Kansas merchant.
Merchants said it remained difficult to source available railcars to move wheat out of the country.
There was one adjustment to the basis noted as a dealer in Enid, Oklahoma, notched the basis back 2 cents a bushel in response to more active offers.
The increased farmer selling came in response to rallying prices at the Kansas City Board of Trade futures market, which settled 4-1/2 to 6-3/4 cents higher Wednesday, with March at $3.90-1/4 per bushel for a gain of 4-1/2 cents and May up 6-3/4 cents at $3.83-3/4.
The March price has risen 23-3/4 cents since last Thursday and is at its highest since mid-October, near contract highs. A setback was expected Thursday, according to traders at the KCBT exchange.
Meteorlogix weather on Thursday predicted there would be no cold weather threat to the US winter wheat crop over the next seven to 10 days, with no significant chance for rain in the Central Plains over the next seven days. Light precipitation can be expected in the US Midwest SRW region, Meteorlogix said.