US Plains HRW Wheat-Basis bids flat amid slow selling, tariff fears

CHICAGO, April 2 (Reuters) - Spot basis bids for hard red winter wheat were unchanged in U.S. Plains states on Wednesday as trade remained slow ahead of U.S. President Donald Trump's expected announcement of sweeping tariffs on Wednesday afternoon.

Trump is expected to impose sweeping new reciprocal tariffs on global trading partners at a White House Rose Garden announcement ceremony scheduled for 4 p.m. Eastern Time (2000 GMT).

Chicago Board of Trade K.C. HRW wheat futures have remained relatively weak, discouraging farmer selling.

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 last up 5-3/4 cents to $5.71 a 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