Hard red winter wheat basis bids were unchanged across the US Plains on Wednesday, with grain dealers reporting a slow pace of country movement and lacklustre demand from end-users.
Weather remained a focus, with more moisture needed in the south-western Plains production belt. There is a chance for more rain late next week, the Meteorlogix weather service said.
Weekly HRW crop ratings issued by the USDA showed some improvement after recent rains, but most of the crop in Texas and Oklahoma remained in poor to very poor condition.
Wheat futures on the Kansas City Board of Trade were called to open steady to 1 cent per bushel higher, with expectations of short covering lending a firm bias, traders said.
But there was little to steer prices following rangebound trade on Tuesday.
The overnight trend was steady to 3/4 cent per bushel lower, with May down 3/4 cent at $4.13-1/2 and July unchanged at $4.18-1/2.
Export news was quiet overnight. Pakistan lowered its wheat production estimate to 20.5 million tonnes from 22 million due to bad weather, but a Pakistani official said imports will not be needed.
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