Spot cash basis bids for hard red winter wheat in the US Plains production area were mostly steady on Tuesday amid lacklustre country selling, dealers said.
Competition for specific protein supplies was tight. Protein premiums for rail car wheat to and through Kansas City were up 1 cent a bushel for 13 percent through 14 percent protein wheat supplies. Premiums were up 2 cents a bushel for 11.20-pro wheat.
Weather was cooler and wetter than desired in many areas of the Plains, slowing harvest of the new crop. But conditions are expected to improve this week, according to Meteorlogix forecaster Joel Burgio.
Meteorlogix's six- to 10-day forecast for the Plains from Sunday through Thursday called for normal to below-normal temperatures in the north and normal to above-normal temperatures in the south. Rainfall will be normal to below normal, Burgio said.
Deliveries posted against the Kansas City Board of Trade July HRW wheat futures contract came in at only 3 lots Tuesday, all of which were redeliveries out of Hutchinson, Kansas. Refco stopped all of the contracts, which had an oldest date of June 25.
Futures prices at the Kansas City Board of Trade were expected to move lower on Tuesday, following a higher close on Friday that saw July wheat settle at $3.59, up 3 cents, and the September close at $3.64-1/4, up 2 cents.
Traders said harvest pressure and lower calls for corn futures were factors seen weighing on prices. The market was closed Monday in observance of the Independence Day holiday.
In wheat news, Japan's Agriculture Ministry said on Tuesday it planned to buy 125,000 tonnes of wheat for September shipment in its regular weekly tender. Results are expected Thursday, a ministry official said.
Pakistan's state-run grains agency issued an international tender on Monday for the purchase of 500,000 tonnes of wheat. Bidding will be held in the southern port city of Karachi on July 24.