US Plains hard red winter wheat basis values held steady Monday, with the market still worried about dwindling wheat supplies. Short-term needs were mostly met and pricing remained highly volatile. Protein premiums saw a downward adjustment, dropping $1.00 for 14 percent protein wheat and 5 cents for 11.80- and 12.00-pro and 25 cents for 14-pro wheat.
At the Kansas City Board of Trade, HRW wheat futures were expected to rally 30 to 40 cents early Monday after the market ended with March wheat futures down 65 cents at $11.70 per bushel on Friday. KCBT May ended down 66 cents at $11.60.
On the world wheat front, there was word that Tunisia bought 1.731 million tonnes of wheat in 2007, up 24 percent from a year earlier. The gain came as local manufacturers imported more durum wheat for re-export as pasta, government figures showed on Monday.
Also of note, Russian domestic wheat prices were rising to record highs, unfettered by an export tariff that has blocked shipments from its Black Sea ports. Taiwan's Flour Mills Association was planning to tender Tuesday to buy about 75,000 tonnes of US wheat. On Saturday, Egypt bought 100,000 tonnes of Russian wheat and 25,000 tonnes of Russian or US wheat.
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