US hard red winter wheat spot basis bids were steady on Tuesday, with mill demand light, merchants said. Protein premiums for railcar wheat to and through Kansas City were steady to 1 cent lower, with wheat movement out of the country still aggressive and rail cars abundant, cash wheat traders said.
Track bids for Gulf wheat were still withdrawn for August. And, while there was talk of significant fresh export business on the horizon, until it materialises, the market will remain weak, cash traders said.
Export news Tuesday included word that Japan was expected to buy 148,000 tonnes of wheat in its regular weekly tender and Taiwan bought 96,340 tonnes of US wheat.
Spring wheat harvest continued to progress in the US Northern Plains. The US Department of Agriculture said Monday afternoon that 22 percent of the US spring wheat crop had been harvested, up from 7 percent a year ago.
Futures prices at the Kansas City Board of Trade were expected to open steady to 1 cent lower on Tuesday in a setback from Monday's rally. The September wheat contract settled up 8-3/4 cents at bushel at $4.92-3/4 on Monday, and December ended up 5-1/2 cents at $5.05-1/2.
Comments
Comments are closed.