Hard red winter wheat basis bids were steady Monday, with wheat movement lacklustre, cash wheat traders and merchants said. Protein premiums paid for railcar wheat to and through Kansas City were unchanged, though low protein wheat was still seen in demand while high-protein supplies were in abundance.
"There is a lot of high protein out west that mills can't use," said one cash trader. "On the other hand, low protein wheat to north Texas mills...that stuff is trading at premiums to the high side." Business out of the Texas Gulf remained slow.
At the Kansas City Board of Trade, HRW futures prices were called to open 1 to 2 cents lower Monday amid export disappointment after Egypt cancelled a weekend wheat tender and India decided not to include US wheat in a purchase of 1.67 million tonnes of wheat. There were still hopes for US wheat business with Iraq, but no confirmation of any deals.
KCBT wheat futures closed 1-1/2 cents higher to 5 cents lower Friday, with benchmark December down 3-3/4 cents at $4.80-1/4 per bushel.