US Plains hard red winter wheat basis bids were holding steady on Monday with the market mostly quiet as merchants watched early harvest activities and awaited full-blown combining through the region. Some southern Kansas elevators were speculating cutting could begin as early as June 10, but others thought it would be a week later.
Combining continued through southern Texas areas and test cutting was ongoing in Oklahoma. The harvest action was partly responsible for pushing down futures prices at the Kansas City Board of Trade on Friday. KCBT July wheat contract ended down 12 cents, or 2.5 percent, at $4.66-1/2 on Friday, while the September ended down 10-1/2 cents, or 2.1 percent, at $4.78.
The market was expected to see a bounce back on Monday, called to open 3-5 cents higher, supported in part by Egypt's weekend purchase of 60,000 tonnes of US wheat as part of a total buy of 120,000 tonnes. Strength in corn futures was also a factor, traders said.
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