US Plains hard red winter wheat basis bids were steady on Tuesday, with movement staying slow as farmers geared up for spring field work. Traders said demand from domestic millers was routine, with many of them well-covered and waiting for lower prices.
Market sentiment was boosted by news of Egypt's General Authority for Supply Commodities buying 60,000 tonnes of US soft red winter wheat for April 16-30 shipment at its tender. The state-run agency also bought a total of 84,000 tonnes of Russian wheat for the same shipment period.
Traders said rains in parts of the Southern Plains were bolstering prospects for a bumper harvest this year, adding that the emerging plants were in "excellent" condition.
"It's raining now," a northern Oklahoma trader said. "The crop is getting a good soaking," she added. Futures prices at the Kansas City Board of Trade were expected to open 1/2 cent to 1 cent per bushel lower on Tuesday, weighed in part by good crop weather. On Monday, May fell 7-1/2 cents to $4.79 per bushel and new-crop July was down 7 cents at $4.83.
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