US Plains hard red winter wheat basis values were steady on Thursday, with mill interest thin, merchants said. Country players were monitoring crop conditions as concerns about dry weather in some western areas persisted.
There was news Thursday that ConAgra Foods Inc was selling its commodity trading and merchandising operations for $2.1 billion to an investment fund. Kansas City Board of Trade HRW wheat futures ended lower Wednesday, with the May contract down 50 cents, or 4.5 percent, at $10.69 a bushel, while new-crop July ended down 32-1/2 cents at $10.72-1/2.
But prices were higher overnight, due in part to a tender by Egypt for 55,000 to 60,000 tonnes of wheat, and the market was called 5 to 10 cents higher Thursday. The US Agriculture Department said Thursday weekly export sales of US wheat totalled 379,900 tonnes, plus 182,900 tonnes for delivery in 2008/09.
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