US Plains HRW Wheat-Spot basis bids unchanged in muted trade

CHICAGO, March 26 (Reuters) - Spot basis bids for hard red winter wheat were flat in the U.S. Plains states on Wednesday as dealers monitored dry weather and waited for next week's U.S. Department of Agriculture quarterly grains stocks report.

Wheat basis bids have held mostly steady this week and farmer selling has remained slow, dealers said.

Dry conditions in the U.S. southern Plains are providing some support for the Kansas City contract though rains over the weekend may help alleviate some dryness in wheat-growing areas of the U.S. Plains.

Wheat futures fell on continuing Russia-Ukraine talks around the Black Sea, and soybeans rose on expectations of lower acreage this year.

Prospects that agreements reached with Ukraine and Russia to secure Black Sea navigation would pause attacks at sea and on energy targets pressured prices, he said.

Most-active KC hard red winter wheat futures KWv1 were last down 1-3/4 cents to $5.67-1/2 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