US Plains hard red winter wheat basis bids were holding steady on Thursday as a lull replaced a flurry of activity over the last week stoked by high prices, dealers said. Grain dealers said wheat offers had thinned and nearby demand was somewhat sated after a sharp rally in futures prices roiled the market.
Wheat futures have been in retreat this week. On Wednesday, the Kansas City Board of Trade March contract ended down 4-1/2 cents at $10.41 and new-crop July was down 42-1/2 cents at $9.76.
The market was expected to open 15-25 cents higher on Thursday in a correction, supported in part by good world demand for wheat. Egypt issued a snap tender on Wednesday for 55,000 to 60,000 tonnes of wheat, and Tunisia tendered for 92,000 tonnes of optional origin milling wheat and 25,000 tonnes of optional durum.
The US Department of Agriculture reported Thursday that net weekly export sales of US wheat tallied 83,000 tonnes for the current marketing year and 74,700 for the 2008/09 period.