US Plains HRW Wheat-Spot basis bids mostly flat-lower on light demand

CHICAGO, March 20 (Reuters) - Spot basis bids for hard red winter wheat were mostly unchanged to down slightly in the southern U.S. Plains farm belt on Thursday on light demand and slow farmer sales, dealers said.

A grain elevator in Enid, Oklahoma, trimmed its spot basis bid by 2 cents a bushel, reversing a 2-cent increase earlier in the week.

Farmers have limited sales of new-crop grain as dry conditions and soil-eroding winds in some areas of the wheat belt have left them uncertain about yield prospects.

As of March 18, 63% of winter wheat in Kansas was under moderate drought or worse, along with 82% of the crop in Oklahoma, up from 33% and 63%, respectively, a week earlier. In Texas, the moderate or worse drought expanded to cover 32% of the crop, up from 15% a week earlier, according to weekly U.S. Drought Monitor data.

The U.S. Department of Agriculture on Thursday reported net cancellations of 248,900 metric tons of old-crop U.S. wheat export sales in the week ended March 13 due largely to cancellations by Panama. New-crop sales topped expectations at 491,100 tons. EXP/WHE

K.C. May hard red winter wheat futures KWK25 last traded 9-1/4 cents lower at $5.85-1/2 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