US Plains HRW Wheat-Basis steady as futures surge

CHICAGO, Feb 14 (Reuters) - Basis bids for hard red winter wheat were flat at locations in the U.S. Southern Plains on Friday as futures rallied.

Wheat futures rose on short covering and concerns for crop damage with a blast of cold temperatures headed to wheat growing areas of the U.S. Plains next week, traders said.

Snow in much of the central Plains hard red winter wheat belt should protect the crop from winterkill, according to analysts from Commodity Weather Group. But, there could be damage on the fringes of the Southwest Plains in places like western Oklahoma and the Texas panhandle, where snow is lacking.

K.C. March hard red winter wheat KWH25 ended up 23 cents higher at $6.21-1/4 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