Spot basis bids for hard red winter (HRW) wheat in the US Plains were steady to higher on Friday on firm miller demand and slow farmer sales, grain dealers said. Basis bids rose by as much as 10 to 12 cents per bushel as mills ramped up flour production after a slower running rate during the Christmas and New Year's holiday weeks so demand for high-protein wheat accelerated.

Farmer sales remained slow on Friday as benchmark Chicago Board of Trade K.C. HRW wheat futures eased for a second straight day. The March contract at 12:13 pm CST (1813 GMT) was down 2-3/4 cents at $4.37 per bushel. Protein premiums on Thursday for ordinary wheat, which contains less than 11 percent protein, jumped by 30 cents a bushel on Thursday, while premiums for 12.4 percent protein wheat rose 7 cents, according to the latest CME Group data. Premiums for other grades held steady.

Copyright Reuters, 2018