US Plains HRW Wheat-Basis bids higher as farmers await stronger prices

CHICAGO, March 5 (Reuters) - Spot basis bids for hard red winter wheat were steady to higher in the U.S. Plains states on Wednesday as buyers in some locations sought to entice selling from farmers who are reluctant to book sales amid relatively low prices, dealers said.

Wheat futures rebounded after the most-active contract fell on Tuesday to its lowest level since January 6.

Some concerns eased temporarily about tit-for-tat tariffs hurting U.S. agricultural exports as markets digested duties announced on Tuesday, traders said.

The slight uptick in prices has not been enough to encourage selling, dealers said.

Many farmers are waiting until they have a better understanding of their yield prospects before booking sales for new-crop wheat.

Roughly one-third of the dry U.S. wheat crop is likely to miss out on weekend rains, an analyst note said.

Protein premiums for HRW wheat shipped by rail to or through Kansas City increased for wheat with 11% to 11.20% protein.

K.C. May hard red winter wheat futures KWK25 last traded up 7-1/2 cents to $6.56 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. FOB Gulf Grain GRA/F