US Plains HRW Wheat-Basis flat as futures near 3-month peak

CHICAGO, Jan 30 (Reuters) - Basis bids for hard red winter wheat in the southern U.S. Plains were steady on Thursday, spot checks showed, while grain merchandisers reported only light farmer selling as K.C. HRW wheat futures climbed to near three-month highs.

Protein premiums for HRW wheat shipped by rail to or through Kansas City were unchanged for a second straight day. KCBT/SCA

Monthly state crop reports from the U.S. Department of Agriculture are due on Monday for a handful of winter wheat states. Crop condition ratings could offer hints about whether last week's Arctic blast hurt dormant winter wheat.

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

The latest weekly U.S. Drought Monitor map showed moderate drought covering about 25% of top winter wheat producer Kansas and 5% of Oklahoma, virtually unchanged from the previous week.

K.C. March HRW wheat futures KWH25 settled up 8 cents at $5.88-1/4 a bushel after reaching $5.90-3/4, the contract's highest since Nov. 5.

K.C. wheat futures drew support from news that Russia's Sovecon agricultural consultancy revised down its Russian wheat export forecast for the 2024/2025 season to 42.8 million metric tons from 43.7 million.

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