US Plains HRW Wheat-Spot basis bids flat in quiet trade

CHICAGO, March 25 (Reuters) - Spot basis bids for hard red winter wheat were flat in the U.S. Plains on Tuesday in a quiet trade while dealers monitored dry conditions.

U.S.-Russia talks on Ukraine also weighed on prices, with progress potentially bearish for prices as a ceasefire could secure Black Sea shipments.

The U.S. reached separate agreements with Ukraine and Russia to ensure safe navigation in the Black Sea.

The U.S. Department of Agriculture in a weekly crop report on Monday rated 49% of the winter wheat in top producer Kansas as in "good to excellent" condition, up one percentage point from the previous week, but ratings fell in Oklahoma as wind-whipped soils lost moisture.

Wheat futures ticked down on improved weather forecasts in crucial growing regions, with traders monitoring Russia-Ukraine negotiations.

Rain over the weekend may help alleviate some dryness in wheat-growing areas of the U.S. Plains.

Most-active KC hard red winter wheat futures KWv1 were last down 10 cents to $5.86 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