US Plains HRW Wheat-Basis bids little changed in tepid trade

CHICAGO, March 7 (Reuters) - Spot basis bids for hard red winter wheat were mostly flat in the U.S. Plains states on Friday, with dealers citing quiet trade marked by little farmer selling.

Farmers are waiting for wheat prices to recover further before selling, dealers said.

Selling has also been slow as producers are reluctant to book new-crop sales until they have a better understanding of 2025 wheat yield prospects.

The basis ticked up at a mill in Oklahoma.

Roughly 24% of the U.S. winter wheat crop is affected by drought, up from 22% the previous week, the U.S. Department of Agriculture's Drought Monitor reported.

Protein premiums for HRW wheat shipped by rail to or through Kansas City ticked up for wheat with 12% to 12.2% protein

K.C. May hard red winter wheat futures KWK25 settled down 1 cent to $5.64-3/4 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