US Plains HRW Wheat-Basis bids flat as dealers eye weather

CHICAGO, March 27 (Reuters) - Spot basis bids for hard red winter wheat were steady in the U.S. Plains on Thursday amid slow trade and light farmer selling, dealers said.

Wheat basis bids have held steady so far this week.

Dealers continue to monitor overly dry weather over wheat-growing areas of the U.S. Plains, though weekend rains may help alleviate some dryness.

Roughly 14% of the U.S. winter wheat crop is affected by drought as of Tuesday, the U.S. Department of Agriculture's Drought Monitor reported.

Wheat futures fell under pressure from forecasts of rain in the U.S. and Russian wheat belts and an agreement to implement a ceasefire in the Black Sea.

But reaction to the U.S.-backed deal, involving warring parties Russia and Ukraine, has faded as traders saw little scope for boosting an already functioning Black Sea trade while doubting that Russian conditions would be met.

The U.S. Department of Agriculture reported a net 100,300 metric tons of U.S. wheat export sales for the 2024/25 marketing year, on the low end of analyst expectations.

Most-active KC hard red winter wheat futures KWv1 were last down 4-1/2 cents to $5.60 per bushel around midday.

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