Basis bids for hard red winter wheat in the US Plains were steady on Monday, with farmers remaining reluctant sellers absent price spikes. Basis offers were steady, taking in stride a USDA announcement that exporters had reported the sale of 689,310 tonnes of US HRW wheat to Iran. The tally included 199,310 tonnes previously reported in weekly USDA reports as being sold to unknown buyers.
Traders were expecting Iran to continue buying US wheat due to drought reducing domestic production. Kansas City Board of Trade wheat futures were expected to open a dime or more higher on Monday in a bounce back from Friday's slide, helped by export business and weather concerns for new-crop wheat.
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