U.S. Plains HRW Wheat-Basis bids steady amid light farmer selling

CHICAGO, Jan 22 (Reuters) - Basis bids for hard red winter (HRW) wheat were unchanged on Wednesday in the southern U.S. Plains while farmer sales picked up as K.C. HRW wheat futures climbed to two-month highs, grain dealers said.

"We bought some wheat the last couple of days," one merchandiser said.

New-crop K.C. July wheat futures KWN25 briefly poked above $6 a bushel on Wednesday for the first time since early November, but settled lower. The move caught growers' attention, but many farmers prefer to delay sales of new-crop grain until springtime, when they will have a better idea about crop size, dealers said.

Frigid temperatures this week may have damaged dormant winter wheat in parts of Nebraska and western Kansas that lack a protective layer of snow. However, freeze damage is difficult to assess until the crop resumes growth in the spring.

Protein premiums for HRW wheat shipped by rail to or through Kansas City fell by 10 cents a bushel for "ordinary" wheat with less than 11.0% protein and rose by 3 cents for wheat with 11.6% protein. Premiums for other grades of wheat were unchanged. KCBT/SCA

Most-active K.C. March HRW wheat futures KWH25 settled down 3/4 cent on Wednesday at $5.74-3/4 per bushel, retreating after a climb to $5.86, the March contract's highest level since Nov. 7. 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 Sandra Maler)

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