Spot basis values for hard red winter wheat were unchanged on Thursday as wheat movement remained slow with farmers focused on fall seeding, merchants said.
High fuel prices were limiting the movement of wheat by truck, and recent falls in wheat prices discouraged farmer selling, they said. Protein premiums for rail car wheat to and through Kansas City were unchanged to 5 cents higher for 12.20-14.00 percent protein.
In a long awaited decision, Iraq said on Wednesday it bought 1 million tonnes of wheat from Columbia Grain and Louis Dreyfus at $190 per tonne FOB, with shipments expected to start arriving in early December.
Kansas City Board of Trade HRW wheat futures were up on the news on Wednesday, although fund selling limited gains, traders said.
The market closed 2-1/2 cents per bushel higher to 1 cent lower on Wednesday, with December up 2-1/2 cents at $3.72-3/4 and the March up 1 cent at $3.77-3/4.
Futures were expected to open steady to 1 cent per bushel lower on bearish weekly export sales data, traders said.
USDA early Thursday said export sales of US wheat last week totalled 379,400 tonnes, below trade estimates for 500,000 to 700,000 tonnes.
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