US hard red winter wheat spot basis bids were steady to firmer on Thursday, with country selling down along with decreased futures prices. The basis was pushed 4 cents firmer in Catoosa, Oklahoma, and 3 cents in Enid, Oklahoma, as competition stirred for a slowed supply of new wheat.
Protein premiums for railcar wheat to and through Kansas City were unchanged.
The slowed movement came amid a general downturn in Kansas City Board of Trade HRW wheat futures. On Wednesday, the September wheat contract ended down 7-1/2 cents at $4.82, while December wheat ended down 10-1/2 cents at $4.94-1/2.
But the market was expected to rebound on Thursday, helped by export dealings, including news that Egypt's main wheat buying agency bought 115,000 tonnes of US wheat, along with 170,000 tonnes of Canadian wheat.
Additionally, Japan's Agriculture Ministry said on Thursday it had bought 41,000 tonnes of US wheat, along with 65,000 tonnes of wheat from Canada and Australia.
Also, India's State Trading Corp was looking to buy 400,000 tonnes of wheat to augment depleted stocks, and Tunisia was holding a tender for at least 200,000 tonnes of optional-origin soft wheat.
Also, the US Department of Agriculture said Thursday that wheat export sales in the latest week totalled 464,700 tonnes, 41 percent above the previous week and 36 percent over the prior four-week average. The tally was higher than trade expectations for 300,000 to 400,000 tonnes.
The market continued to keep an eye on production prospects for the new US spring wheat crop. Crop scouts said Wednesday night that a tour of spring wheat fields in central and north-west North Dakota showed projected yields of 28.8 bushels per acre, down from the 32 bushels per acre calculated on the same part of the tour last year.
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