US Plains HRW Wheat-Spot basis mostly steady-firm on slow farmer sales

CHICAGO, March 18 (Reuters) - Spot basis bids for hard red winter wheat were mostly steady to firm across the southern U.S. Plains on Tuesday on slow farmer sales, dealers said.

Hot and dry conditions as well as windy weather that raised concerns about soil erosion prompted farmers to hold back on sales until they have a clearer picture of yield prospects, dealers said.

The U.S. Department of Agriculture said on Monday that 48% of the wheat crop in top producer Kansas was in good to excellent condition, down 4 points from a week earlier. Crop ratings in Oklahoma and Texas held steady, the agency said in a weekly report.

K.C. May hard red winter wheat futures KWK25 touched the highest point since February 24 during Tuesday's session but last traded down 1/2 cent at $6.05 per bushel.

Protein premiums for HRW wheat shipped by rail to or through Kansas City were unchanged for most protein levels. Premiums rose by 6 cents a bushel for wheat with 12% protein and by 4 cents for 12.2% protein wheat. KCBT/SCA

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