US Plains hard red winter wheat basis bids were steady to firmer on Thursday with light spot domestic demand noted, merchants said. "The domestic mills seem to be the ones interested in wheat. There isn't a lot of export interest right now," said one Oklahoma merchant.
Protein premiums for railcar wheat to and through Kansas City were steady to 3 cents a bushel with 12.20 percent protein through 13.40-pro supplies up 2 cents and 13.60-13.80 percent protein wheat up 3 cents. Winter weather was making a late return in the Plains' winter wheat belt, a factor sparking concerns about the new crop. Temperatures were sliding below the freezing mark in Kansas, Oklahoma and Texas, where the new crop has developed rapidly recently amid warm and wet conditions. The wheat futures market rallied on Wednesday, fuelled in part by concerns about frost damage to the new crop.
Kansas City Board of Trade May wheat ended up 12-3/4 cents at $4.55, while new-crop July settled up 13 cents at $4.57-1/4. The market was expected to see further gains on Thursday. The US Department of Agriculture reported Thursday that net sales of US wheat totalled 214,000 tonnes for the last week, 60 percent below the previous week and 54 percent under the prior four-week average. Sales of 137,100 tonnes for delivery in 2007/08 were mainly for Nigeria, the Philippines, Mexico, and Trinidad.
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