US Plains HRW Wheat-Basis steady as farmers await higher prices

CHICAGO, Feb 6 (Reuters) - Basis bids for hard red winter wheat held steady in the U.S. Plains on Thursday as farmers awaited higher prices before offloading more crop in storage, dealers said.

Producers have been taking advantage of strengthening prices to sell their crops, though some are continuing to hold out for better prices, a dealer said.

Chicago Board of Trade wheat futures climbed to their highest level since October as cold weather stoked concerns about potential crop damage in the Black Sea region, analysts said.

Traders watched conditions for wheat crops in Russia and Ukraine because they are major global suppliers. Colder weather projected from next week rekindled worries over potential losses, they said, with wheat seen vulnerable after a mild winter so far.

Protein premiums for HRW wheat shipped by rail to or through Kansas City rose by 3 cents for wheat with 12% to 12.2% protein and decreased by 2 cents for wheat with 13% protein. Premiums for other grades were unchanged. KCBT/SCA

The K.C. March wheat contract KWH25 ended up 15-3/4 cents at $6.07-1/2 per bushel. WHE/C

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