US Plains HRW Wheat-Basis bids stable, futures hit two-week high

CHICAGO, March 13 (Reuters) - Spot basis bids for hard red winter wheat held steady on Thursday in the U.S. southern Plains, dealers said, as futures prices jumped to a two-week high.

U.S. wheat export sales for 2024-25 were 783,416 metric tons in the week ended on March 6, up 83% from the prior four-week average, the U.S. Department of Agriculture said. Analysts had expected 275,000 to 650,000 metric tons.

Of the sales, 218,163 metric tons were for hard red winter wheat, up from 135,181 during the previous week, according to USDA. Panama and Mexico were top buyers.

Protein premiums for HRW wheat shipped by rail to or through Kansas City were unchanged for most protein levels. Premiums dropped by 15 cents a bushel for wheat with 14% protein. KCBT/SCA

K.C. May hard red winter wheat futures KWK25 advanced 14-1/2 cents to close at $5.87-1/2 per bushel and set its highest price since Feb. 27.

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