Spot basis bids for hard red winter wheat were mostly flat around the southern U.S. Plains on Friday on weak demand and slow farmer sales, grain merchants said.

Most farmers have stored away the grain they did not sell during the harvest and are awaiting higher prices before liquidating further supplies.

Most HRW wheat futures months (0#KW:) hit contract lows this week, pressured by ample global supplies and sluggish demand.

K.C. September hard red winter wheat futures (KWU25) were down 1/4 cent at midmorning on Friday at $5.03 a bushel, on pace for a weekly decline of about 0.8%. If realized, it would be its first weekly decline in three weeks.

Source: Reuters