Cash basis bids for hard red winter (HRW) wheat held steady in the southern US Plains on Monday as farmers monitor crop progress following recent snow in parts of the region, merchandisers said. Chicago Board of Trade Kansas City HRW wheat surged more than 7 percent, fuelled by worries about damage to the crop following heavy snow in key growing areas over the weekend.

Short-covering and bullish export data contributed to K.C. wheat futures gains. On Monday K.C. May HRW wheat closed 28 cents higher at $4.52-3/4 per bushel. July ended 28-1/2 cents higher at $4.65-3/4. Protein premiums for railcar wheat to and through Kansas City rose 13 cents a bushel for wheat with 12.20 and 12.40 percent protein on Friday. Wheat with 12.60 percent protein was 8 cents higher. And wheat containing 12.80 to 13.80 percent protein gained 3 cents per bushel.

Copyright Reuters, 2017