US Plains HRW Wheat-Spot basis bids mostly flat on slow farmer sales

CHICAGO, March 21 (Reuters) - Spot basis bids for hard red winter wheat were mostly unchanged in the southern U.S. Plains on Friday in light trading as farmer sales remained muted, dealers said.

Weakening prices this week discouraged growers from booking fresh sales of what limited old-crop supply they have remaining from last year's harvest. Meanwhile, farmers are assessing new-crop yield prospects amid an expanding drought before booking forward sales.

K.C. hard red winter wheat futures 0#KW: edged higher on Friday following two days of declines that dragged prices to one-week lows. Actively traded May futures KWK25 last traded a penny higher at $5.87-1/2 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