US Plains HRW Wheat-Spot basis bids mostly steady in muted trade

CHICAGO, March 24 (Reuters) - Spot basis bids for hard red winter wheat were mostly steady in the U.S. Plains states on Monday as low prices discouraged farmers from selling and market players continued to monitor U.S. tariff changes.

The wheat basis decreased at an elevator in Texas. Basis bids were steady elsewhere, spot checks showed.

Chicago Board of Trade wheat futures slumped as the U.S. and Russia continued talks over Russia's war in Ukraine and a strong dollar weighed on futures.

Traders were monitoring talks between Washington and Moscow over the war on Ukraine, including the impact on Black Sea shipping, said analysts.

Wheat growth in the U.S. Plains has remained under stress from overly dry conditions.

K.C. hard red winter wheat futures 0#KW: ended down 10-3/4 cents at $5.78 per bushel. Actively traded May futures KWK25 settled down 10 cents at $5.48-1/4 a 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