US Plains HRW Wheat-Basis bids flat as industry awaits USDA reports

CHICAGO, March 28 (Reuters) - Spot basis bids for hard red winter wheat were unchanged in the U.S. Plains on Friday amid slow trade as farmers awaited the U.S. Department of Agriculture's Monday reports before making selling decisions, dealers said.

The USDA's planting report will be issued together with quarterly estimates of U.S. grain stocks in one of the most closely watched data releases of the year for grain markets.

Wheat basis bids have held steady this week.

Farmers and industry players are also monitoring rainfall over parched wheat-growing regions of the U.S. Plains.

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.

Forecast rain for U.S. and Russian wheat belts and a low volume of U.S. wheat export sales reported on Thursday also pushed wheat futures lower.

Most-active KC hard red winter wheat futures KWv1 were last down 15 cents to $5.51-1/4 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