Spot basis offers for hard red winter wheat were steady to weaker on Monday as merchants saw increased country selling in the face of higher futures prices.
The inverted futures market, with March wheat at the Kansas City Board of Trade priced lower than the December contract, prompted the flow of several hundred thousand bushels into Enid, Oklahoma, Goodland, Kansas, and elsewhere, merchants said.
Prices were expected to see a setback on Monday after Egypt's main state wheat buyer said on Saturday it bought 150,000 tonnes of Russian and French wheat, but no US wheat.
In other export news, Syria set a tender to sell 75,000 tonnes of soft wheat and 75,000 tonnes of durum and Australia said it was negotiating with Iraq for further sales of wheat.
Meteorlogix weather service on Monday said no significant planting delays were expected in the US Central Plains hard red winter wheat region. However, rain is needed to ensure favourable germination and early development of the crop.
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