US Plains HRW Wheat-Basis bids unchanged after last week's selling

CHICAGO, Feb 24 (Reuters) - Spot basis bids for hard red winter wheat at locations around the U.S. Plains were unchanged on Monday after farmers took advantage of the previous week's rally in futures to sell their crop.

Many growers have already sold the bulk of their last harvest and are hoping for higher prices before liquidating the rest, merchants said.

Buyers are reluctant to raise bids after producers took advantage of a spike in futures the previous week to make sales of new-crop wheat.

Russian wheat export prices continued their upward trend last week on the back of a stronger rouble and lower shipments, with analysts expecting growth to continue.

Wheat futures fell as weather threats subsided for U.S. and Black Sea crops, where snow cover is expected to protect against freeze damage.

Protein premiums for HRW wheat shipped by rail to or through Kansas City fell by 5 cents for wheat with 11.8% to 12.4% protein. Premiums for other grades were unchanged. KCBT/SCA

K.C. May hard red winter wheat KWK25 was last down 10-3/4 cents to $6.11 per bushel around midday.

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