Hard red winter wheat spot basis offers were steady in the US Plains on Monday and cash movement remained mostly light in the country despite a run-up in Kansas City wheat futures last week, dealers said. "There has been some selling, but not a lot," one dealer said.
Gulf basis levels held firm, supported by soaring costs for rail and barge freight. The tight spot market was a driving factor in the KCBT futures rally last week as shippers scrambled to find wheat to cover their needs. Seeding of the new HRW crop continued in a few areas.
"They have started planting, and some will probably be planting pretty heavily this week. We had some showers last week, so that will certainly help a lot. The moisture is just right," an Oklahoma merchandiser said.
KCBT December wheat on Friday closed up 1-3/4 cents at $3.67-1/4 after climbing to a six-month high.
KCBT wheat futures were called to open 1/2 to 1 cent per bushel lower on Monday on a technical setback after last week's rally.
In export news, Traders in Europe on Monday said Iraq has invited bids to buy at least 150,000 tonnes of hard red winter wheat without specifying the origin.
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