Hard red winter wheat basis bids were steady to firmer on Wednesday with nearby bushels still sought despite increased farmer selling, merchants said. "We're starting to see some cash movement, with the market inverting," said one Kansas merchant, referring to the Kansas City Board of Trade futures market, where prices are currently higher in the nearby December contract than they are for any other contract except December 2005 wheat.
The futures market saw a setback Tuesday, however, with the December closing down 4 cents at $3.55-1/2. Basis levels were higher in Wellington, Kansas, Catoosa, Oklahoma, and for the Gulf CIF values.
In wheat export news, the agriculture minister in Pakistan said that country plans to import another 500,000 tonnes of wheat through international tenders to stabilise rising domestic prices.
Also, the market is awaiting Iraq's tender for 200,000 tonnes of US hard red winter wheat.
Overnight, South Korea bought 21,500 tonnes of US wheat.
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