US wheat futures were lower at the close of pit trade on Friday on risk off liquidation ahead of the weekend elections in Greece. Wheat prices in western Europe were slightly lower on Friday with recent rains boosting the outlook for crops in the region while many traders were reluctant to take substantial positions ahead of elections in Greece.
Spot basis bids for US wheat were steady to higher in the eastern US Midwest on Friday as harvest gets underway. Basis bids for hard red winter wheat were steady to firmer across the US Plains on Friday with more wheat movement noted in some key locations, wheat dealers said.
China's official grain think-tank has lopped about 2 percent off its estimate of 2012 winter wheat output in he world's largest producer and consumer of the grain, where widespread damage from a fungus disease looks set to spur imports. July was below all key moving averages. The nine-day RSI was at 40.