US Plains HRW Wheat-Basis bids hold mostly steady as futures drop

CHICAGO, Feb 26 (Reuters) - Spot basis bids for hard red winter wheat held mostly in the U.S. Plains farm belt on Wednesday on light demand and lower futures prices, grain merchants said.

Farmer sales were slow as futures declined for a third straight day and as growers 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.

The U.S. Department of Agriculture is due to release weekly export sales data early on Thursday. Analysts polled by Reuters expect net old-crop wheat sales of up to 600,000 metric tons, and new-crop sales of up to 100,000 tons.

Protein premiums for HRW wheat shipped by rail to or through Kansas City fell by 5 to 13 cents for wheat with 12.8% protein or less. Premiums for higher protein grades were steady to up 9 cents. KCBT/SCA

K.C. March hard red winter wheat futures KWH25 last traded 6-1/2 cents lower at $5.85-1/4 per bushel, while May futures KWK25 fell 7-1/2 cents to $5.98.

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