US Plains HRW Wheat-Basis bids hold mostly flat as futures climb

CHICAGO, April 1 (Reuters) - Spot basis bids for hard red winter wheat were mostly steady around the southern U.S. Plains on Tuesday, underpinned by slow farmer sales, dealers said.

K.C. HRW wheat futures on the Chicago Board of Trade rose for a second straight session following a lower-than-expected U.S. acreage estimate in a U.S. Department of Agriculture (USDA) report on Monday. Futures prices remain near recent lows so farmers are largely disinterested in selling more grain, dealers said.

The USDA lowered its estimate of U.S. winter wheat plantings for harvest in 2025 to 33.315 million acres, down from its initial January figure of 34.115 million acres.

Some growers are also holding off on selling new-crop supplies until they get a better picture of their harvest prospects. Crop conditions have been under pressure due to dry weather in parts of the Plains.

In weekly state crop reports released late on Monday, the USDA rated 49% of the Kansas wheat crop as "good to excellent," unchanged from the previous week. But the USDA rated 33% of Oklahoma's winter wheat and 26% of the Texas crop as "good to excellent," down from 37% and 31% the prior week, respectively.

May K.C. wheat futures KWK25 were up 5-3/4 cents near midday on Tuesday at $5.62-3/4 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