US Plains HRW Wheat-Basis steady-higher as futures seesaw

CHICAGO, April 7 (Reuters) - Spot basis bids for hard red winter wheat (HRW) were flat to higher in the U.S. Plains on Monday as farmers were reluctant to sell their crops amid low prices, though beneficial rains are likely to help the region's nascent wheat crop.

The basis improved at a grain terminal in Enid, Oklahoma.

Some buyers have had to raise basis bids as farmer sales have remained slow.

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.

However, Chinese tariffs have had muted impact on U.S. wheat prices, as the country buys relatively little U.S. wheat.

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.

K.C. May HRW wheat futures KWK25 settled down 3/4 cent to $5.56-3/4 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