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Spot basis bids for hard red winter (HRW) wheat were steady Monday morning in the US Plains production areas, with farmer selling at a minimum, merchants said.

Mills still needed coverage for October-December, cash traders said.

Farmers focused on preparing fields for seeding of the new winter wheat crop.

Futures prices closed 1 cent to 3-1/2 cents lower on Friday, with the September contract at $3.24-1/2, down 2-1/4 cents, and the December down 3 cents at $3.34-1/2.

Futures were called 1-2 cents higher on Monday, and were expected to follow gains in corn and soybean futures, traders said.

Tunisia tendered for at least 50,000 tonnes of soft wheat, but otherwise exports were quiet overnight. Pakistan is expected to tender Monday for 450,000 tonnes of soft or medium white wheat.

Copyright Reuters, 2004


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