US Plains HRW Wheat-Basis bids steady, crop ratings fall in Kansas

CHICAGO, March 11 (Reuters) - Spot basis bids for hard red winter wheat stayed flat on Tuesday in the U.S. southern Plains as farmers wait for improved rains to book advance sales of the next crop, dealers said.

The U.S. Department of Agriculture rated 52% of the winter wheat in top producer Kansas in "good to excellent" condition in a weekly crop report issued after trading ended on Monday. That was down from 54% the previous week.

Condition ratings also declined in Texas, but improved in Oklahoma following much-needed rains.

The USDA in a monthly report on Tuesday projected U.S. wheat ending stocks at 819 million bushels, up from 794 million in February and above analysts' expectations for 797 million.

The USDA left its estimate for hard red winter wheat stocks unchanged at 382 million bushels.

K.C. May hard red winter wheat futures KWK25 settled down 6-1/2 cents at $5.72 per bushel after rising on Monday to its highest price since Feb. 28.

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