US Plains HRW Wheat-Basis bids hold steady as futures retreat

CHICAGO, March 19 (Reuters) - Spot basis bids for hard red winter wheat were mostly steady across the southern U.S. Plains farm belt on Wednesday as futures prices fell and farmer selling remained slow, dealers said.

Grain growers have held back on booking new-crop sales to elevators and millers this week as dry conditions and soil-eroding winds in some areas of the wheat belt have left them uncertain about yield prospects.

Dry weather was forecast for the central Plains in the 31-60 day outlook, which would stress winter wheat crops, meteorologists Maxar said.

K.C. May hard red winter wheat futures KWK25 last traded 11 cents lower at $5.95-1/4 per bushel after hitting the highest point since February 24 in the prior session.

Protein premiums for HRW wheat shipped by rail to or through Kansas City were a penny per bushel higher for 11% to 11.6% protein wheat, up 3 cents for wheat with 13.8% protein and unchanged for all other protein levels. 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