US Plains HRW Wheat-Basis bids unchanged as futures falter

CHICAGO, Jan 31 (Reuters) - Basis bids for hard red winter wheat in the southern U.S. Plains were flat on Friday and farmer selling was light, grain merchandisers said.

Wheat futures have tipped down as traders positioned ahead of the end of the month.

Lower export forecasts and rising prices in Russia, as well as concerns that severe cold may have harmed U.S. wheat crops, have lent support to the wheat market this week, helping to counter pressure from slow international demand.

Protein premiums for HRW wheat shipped by rail to or through Kansas City were unchanged as of Thursday, the last day data was available. KCBT/SCA

U.S. President Donald Trump has threatened to impose 25% tariffs on imports from Mexico and Canada on Saturday, a move that could spark retaliatory tariffs from the two major trading partners.

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 were last down 9 cents at $5.80 per bushel

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