US Plains HRW wheat bids steady

US Plains hard red winter wheat basis bids were steady on Friday in a quiet market, dealers said. Wheat offers were thin and demand remained underpinned by substitution of winter wheat for pricey spring wheat supplies. The US Agriculture Department said that exporters sold 120,000 tonnes of soft red winter wheat to unknown destinations for delivery in the 2011/12 marketing year.
Ukraine grain traders have agreed to limit wheat exports to 1.7 million tonnes in the February to July period following a request from the government due to concerns about domestic supplies - report. Light precipitation is expected next week in the dry areas of the northern US Plains spring wheat growing region and in the spring wheat areas of the Canadian Prairies, but more rain is needed, said Drew Lerner, meteorologist for World Weather Inc.