US Plains HRW Wheat-Basis bids steady to weak as futures hit 4-month peak

CHICAGO, Feb 18 (Reuters) - Basis bids for hard red winter wheat were steady to lower at locations around the southern U.S. Plains in muted trading on Tuesday as futures climbed to a four-month high but farmers' sales remained limited, grain merchants said.

Grain movement was slow on Tuesday due to frigid temperatures and icy roads.

Traders were monitoring the risk for crop damage from sub-zero Fahrenheit temperatures in parts of the Plains. Widespread snow cover should help protect much of the dormant crop from damage, although some fringe wheat areas in western Oklahoma and Texas lacked a protective blanket of snow.

More snow was falling on much of Kansas and Oklahoma on Tuesday.

Hard red winter wheat futures rose for a third straight session on Tuesday on weather concerns and as global prices have been rising, traders said.

K.C. March hard red winter wheat KWH25 last traded up 7 cents at $6.28-1/4 per bushel, a four-month high. 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