Basis bids for hard red winter wheat in the US Plains held steady Monday, with the market mostly quiet as farmers focused on wrapping up soybean harvest. Merchants said farmers were largely done with winter wheat seeding, and some were trying to sell unused seed wheat.
This week's Thanksgiving Day break made mill demand slow, dealers said. Protein premiums for railcar wheat to and through Kansas City were unchanged. South Korean flour miller bought 22,500 tonnes of US wheat for February shipment from Cargill. Egypt will raise the price at which it buys Egyptian wheat from farmers to $49.50 per 150 kilograms - ministry of agriculture advisers. Rains slow start to grain harvest in western Australia.
Hard red winter wheat futures at the Kansas City Board of Trade were expected to open 10-12 cents higher on Monday on a weaker dollar and surging soybean futures. KCBT's benchmark December wheat contract ended Friday down 4-1/4 cents at $5.56-3/4 per bushel.