Basis bids flat as futures weaken

Basis bids for hard red winter wheat were steady on Friday at elevators in the southern U.S. Plains as futures prices ticked down.

Rains in the U.S. Plains in the coming weeks are set to aid crop development, according to Commodity Weather Group.

U.S. Drought Monitor data showed drought was largely absent from the hard red winter wheat belt. As of September 30, 3% of wheat in Kansas was affected by drought, compared to about 56% a year earlier.

K.C. December hard red winter wheat (KWZ25) settled down 2 cents at $4.97 a bushel.
Source: Reuters