Spot basis bids for hard red winter (HRW) wheat in the US Plains were steady to firmer on Thursday on moderate end-user demand and slow farmer sales, grain dealers said. Chicago Board of Trade K.C. HRW wheat futures eased for the first time this week after concerns about crop-damaging cold had propelled prices to six-week highs. The March contract at 11:20 am CST (1720 GMT) was down 1/2 cent at $4.40-1/2 per bushel.

Farmer sales were generally slow as prices remain below many growers' pricing targets, dealers said. An elevator in Catoosa, Oklahoma, raised its basis bid by 10 cents per bushel in an effort to entice farmer sales, a dealer there said. Protein premiums on Wednesday for wheat delivered by railcar to or through Kansas City were 2 cents higher for 12.0 percent protein wheat and steady for other protein levels, according to the latest CME Group data.

Copyright Reuters, 2018