Kansas City wheat futures traded lower this morning, following weakness in the Chicago corn market, according to traders. Corn traders continue to wait for news of a sale of corn to China that has been anticipated for two days now, traders said.
In wheat export news, KC wheat shrugged off news that Algeria purchased 160,000 metric tonnes of U.S. wheat. Japan has tendered for U.S. Hard Red Spring wheat, and Iraq has also issued a tender for wheat, traders said.
USDA crop ratings yesterday showed improvements for the state of Kansas but declines in Oklahoma, Texas, and Colorado, traders said.
Forecasts continue to lack precipitation for western areas of the HRW wheat belt, traders added. Prices began to recover by midsession.
KC May wheat was 1 cent higher at $8.43 at midday.
CASH GRAIN: The basis feels weaker again today, with logistics problems in the railroad due to snow and lack of movement up north, traders said.
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