US Plains HRW Wheat-Basis bids steady-lower on slow demand, firm futures

CHICAGO, Feb 21 (Reuters) - Spot basis bids for hard red winter wheat at locations around the U.S. Plains were steady to lower on Friday as futures prices edged higher while demand in the cash market remained light, grain merchants said.

Winter weather disrupted grain movement this week as a wide swathe of the southern Plains wheat belt struggled with frigid temperatures, snow and icy roads. However, milder temperatures are in the forecast.

Farmer sales were slow on Friday as many growers have already sold the bulk of their last harvest and are hoping for higher prices before liquidating the rest, merchants said.

Some farmers took advantage of an early-week price spike to book sales of new-crop grain, although volumes were minimal amid uncertainty about crop yields, merchants said.

The U.S. Department of Agriculture said exporters sold a net 532,674 metric tons of old-crop U.S. wheat in the week ended February 13, at the high end of a range of trade estimates. They also sold a better-than-expected 98,500 tons of new-crop wheat. The totals included 172,442 tons of old-crop HRW wheat and 32,200 tons of new crop, USDA data showed. EXP/WHE

Hard red winter wheat futures were higher on Friday following two days of declines. K.C. March hard red winter wheat KWH25 was 2-1/2 cents lower near midday on Friday at $6.10 per bushel, on pace for a 1.8% weekly decline.

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