US hard red winter wheat spot basis bids were steady to mixed on Thursday, with mill demand picking up slightly in some areas amid a reduction in offers, merchants said.
In the Gulf track market the basis was at 65 cents over the Kansas City Board of Trade September futures contract, after bids were withdrawn for an extended period.
But the basis was notched down 3 cents a bushel in Lincoln, Nebraska, because of a lack of demand. Meanwhile, wide carrying charges continued to discourage forward wheat sales throughout much of the Plains region, merchants said. Protein premiums were steady to 6 cents higher.
On the export front, the US Department of Agriculture said Thursday that net sales of 395,600 tonnes were 32 percent below the previous week and equal to the prior four-week average. Trade estimates were for 350,000 to 550,000 tonnes.
In other export news, three groups of South Korean flour millers bought a total of 62,900 tonnes of US No 1 wheat for shipment in September through November, and India offered to buy 330,000 tonnes of wheat from Agrico. Farmers remained focused on field conditions ahead of fall planting and the lack of adequate soil moisture was a top concern throughout the Plains.
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