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US Plains hard red winter wheat basis bids were mostly steady on Tuesday though some firming was noted in Kansas locations. Truck wheat into Kansas City was a dime a bushel firmer while wheat into Salina was 2 cents firmer. Merchants said spot demand was driving the increases, but overall, end-users were well-stocked.
Protein premiums for rail car wheat to and through Kansas City were holding steady amid active offerings. Volatility in futures prices at the Kansas City Board of Trade was a source of much discussion in the country as new-crop contracts declined. Farmers have already sold much of their old crop.
On Monday, the benchmark March wheat contract also saw a setback, ending down 13-3/4 cents at $9.85-1/2, while the May ended down 9 cents at $9.80. New-crop July ended down 19 cents at $7.95-3/4 on Monday.
Futures were called steady to 2 cents higher on Tuesday. On the export front, Japan's Agriculture Ministry issued a tender to buy 285,000 tonnes of wheat this week from the United States and Canada through a regular tender, while a group of South Korean flour millers issued a tender to buy 22,000 tonnes of US No 1 wheat, traders said on Tuesday.

Copyright Reuters, 2007

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