US Plains HRW Wheat-Basis bids mixed as futures hit one-month low

CHICAGO, March 3 (Reuters) - Spot basis bids for hard red winter wheat were mixed in the U.S. Plains on Monday as buyers rolled their basis bids to the K.C. May HRW futures contract KWK25 and falling wheat futures discouraged farmers from selling.

Grain merchants have rolled their basis bids to be tied to the K.C. May HRW futures contract KWK25 from the March contract KWH25.

K.C. May HRW futures KWK25 hit their lowest point since January 28 on Monday, giving farmers little encouragement to book sales of new-crop wheat or to sell the remainder of their old-crop wheat left in storage.

Rains are expected to move into some wheat-growing regions of the U.S. Plains this week, where industry players have raised concerns about overly dry weather, an analyst note said.

Protein premiums for HRW wheat shipped by rail to or through Kansas City were up for wheat with 12% to 12.8% protein content. KCBT/SCA

K.C. May hard red winter wheat futures KWK25 last traded down 13-1/2 cents to $5.59 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