Spot basis hard red winter wheat (HRW) bids for grain moved by rail to the US Gulf Coast were higher on Thursday, supported by good export business, grain merchants said. Thursday's US Department of Agriculture weekly export data showed net wheat export sales were 588,641 tonnes last week, mostly for current-marketing-year shipment.

USDA said old-crop sales topped trade forecasts and the combined sales were the largest in three weeks. Meanwhile, profit-taking after recent market gains dropped Chicago Board of Trade K.C. wheat futures, which on Thursday closed down 11-1/4 cents to $4.58 per bushel.

Copyright Reuters, 2017