US Plains HRW Wheat-Basis bids flat after spate of selling

CHICAGO, Feb 25 (Reuters) - Spot basis bids for hard red winter wheat were steady in the U.S. Plains on Tuesday in a quiet trade as some farmers continued to wait for higher prices before selling.

Many producers have already sold the majority of their old-crop harvest and some took advantage of a spike in futures the previous week to make sales of new-crop wheat.

Wheat export prices in Russia, the world's biggest wheat shipper, continued their upward trend last week due to a stronger rouble and lower shipments, though traders said export competition from other countries remained stiff.

Russia's state weather forecaster, meanwhile, said late winter frosts in the country's southern breadbasket regions were unlikely to inflict significant damage on winter crops.

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 6 cents to $6.03 per bushel.

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