US Plains HRW Wheat-Basis bids mostly steady as futures dive

CHICAGO, Feb 19 (Reuters) - Basis bids for hard red winter wheat held mostly steady on Wednesday on light demand and sharply lower futures prices, grain merchants said.

Farmers have sold a large share of their old-crop wheat already as prices climbed and reached a four-month peak this week, merchants said. Growers are expected to hold off on selling more of their new-crop wheat until they have more clarity on yield prospects and as they await even higher prices, they said.

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.

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 12-1/2 cents lower at $6.14-3/4 per bushel after hitting a four-month high earlier in the session. 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