US Plains HRW Wheat-Basis flat as farmers monitor crop conditions

CHICAGO, April 4 (Reuters) - Spot basis bids for hard red winter (HRW) were flat in the U.S. Plains on Friday as farmers remained hesitant to sell their crop due to persistent low prices, while also monitoring the conditions of their nascent wheat crop.

News that China imposed extra levies of 34% on all U.S. goods dominated trade on Friday as worries deepened over a trade war between the world's two biggest economies, analysts said.

China has not recently been buying U.S. wheat, though tit-for-tat tariffs have raised fears that U.S. agricultural sales will generally suffer.

Dry conditions persist in much of the southern Plains, and winter wheat is in need of rain. The latest weekly U.S. Drought Monitor map, released on Thursday, showed "moderate drought" across 59% of top wheat producer Kansas, up from 57% the previous week.

The U.S. Department of Agriculture is scheduled to release its first national crop progress report of 2025, including condition ratings for U.S. winter wheat, on Monday, April 7.

K.C. May HRW wheat futures KWK25 settled down 11-1/2 cents to $5.57-1/2 per bushel. MKTS/GLOB

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