Spot basis bids for hard red winter wheat were mostly steady Monday, with demand noted at the Gulf amid an otherwise lacklluster market, merchants said. Traders said mills were largely well supplied and farmers were uninterested in selling. Demand was noted at the Gulf for December bushels, pushing the basis there up to 95 cents over the March futures contract at the Kansas City Board of Trade. March futures closed up 5-1/2 cents at $3.40-1/2 per bushel on Friday.
Meanwhile, an influx of high-protein railcar wheat through Kansas City resulted in a slide in premiums. Premiums slid 10 cents a bushel for 14-percent protein wheat and a nickel a bushel for 11.60-percent protein through 13.80-pro wheat.
Wheat trade was expected to get a lift from state-run Trading Corp of Pakistan (TCP) saying Monday it issued a tender to import 400,000 tonnes of milling wheat. Pakistan is to announce the winning bidders on December 30. Freezing temperatures in the Plains states were not expected to harm the new winter wheat crop.
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