U.S. Plains HRW Wheat-Basis bids steady; frigid conditions grip region

CHICAGO, Jan 21 (Reuters) - Basis bids for hard red winter (HRW) wheat remained steady in the southern U.S. Plains on Tuesday, as K.C. wheat futures climbed to two-month highs, according to spot checks.

Farmers and market players were monitoring frigid conditions that may have damaged dormant winter wheat in portions of the Plains that lack protective snow cover. "The most significant damage is likely to occur in Nebraska and western Kansas, where temperatures (Tuesday) morning have dropped below minus 10 degrees Fahrenheit (minus 23 Celsius)," satellite company Maxar said in a daily ag weather note.

However, freeze injury to wheat is typically difficult to assess until crops resume growth in the spring.

Protein premiums for HRW wheat shipped by rail to or through Kansas City fell by 3 to 5 cents a bushel for wheat with 11.6% through 12.2% protein. Premiums for other grades of wheat were unchanged. KCBT/SCA

K.C. March HRW wheat futures KWH25 surged 27 cents to settle at $5.75-1/2 per bushel, supported in part by a setback in the U.S. dollar. GRA/

Basis values are quoted against futures in cts/bu:

NOTES:

H = March, K = May, N = July, U = September

Z = December; UNQ = Unquoted bids

0 = Sp Option price; NC = No comparison

= No. 1 12% hard winter wheat, rail bids

= Ordinary protein, rail bids

LINKS:

K.C. HRW wheat protein scales KCBT/SCA

U.S. weekly wheat crop progress US/WHE

U.S. forward basis WHEAT/BASIS

U.S. Midwest cash grain PM GRA/PM

U.S. CIF Gulf Grain GRA/C

U.S. FOB Gulf Grain GRA/F

(Reporting by Julie Ingwersen; Editing by Sherry Jacob-Phillips)

((Julie.ingwersen@thomsonreuters.com; 1-313-484-5283; Reuters Messaging: julie.ingwersen.thomsonreuters.com@reuters.net))