US Plains hard red winter wheat basis bids were steady to weaker on Thursday as mills were mostly well stocked and country elevators worked to free up space ahead of fall harvest. The basis was 3 cents weaker in Salina, Kansas, and Catoosa, Oklahoma.
Protein premiums for railcars to and through Kansas City were mostly unchanged, with only a 3-cent jump for ordinary wheat supplies. Rail transportation was encountering some delays and prices were high with wheat movement to the Gulf active.
Export sales of US wheat continued at a brisk pace. The US Department of Agriculture reported Thursday that weekly export sales of US wheat totalled 1,186,100 tonnes, well above trade estimates for 400,000 to 600,000 tonnes. Also Japan's Agriculture Ministry bought 70,000 tonnes of US wheat at a regular weekly tender held on Thursday.
Still, futures prices were expected to continue a retreat from 11-year highs amid weakness in metals, gold and oil and fears of a global liquidity crisis. Indeed, overnight pricing action was lower across the board for Kansas City Board of Trade wheat futures after September closed down 14-1/4 cents at $6.58 per bushel on Wednesday, and December ended down 7-1/4 cents at $6.75-3/4.
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