US Plains HRW Wheat-Basis bids mostly steady as futures dive

CHICAGO, April 21 (Reuters) - Spot basis bids for hard red winter (HRW) wheat were mostly unchanged across the southern U.S. Plains on Monday as sinking futures prices limited farmer selling interest, dealers said.

Recent dry weather has raised concerns about harvest potential in parts of the Plains. Some growers are delaying grain sales until they have a clearer picture of their upcoming harvest.

Weekend rains brought needed moisture to some of the driest areas, forecasters said. More rain is expected this week.

Winter wheat crop conditions are expected to remain steady at 47% good to excellent in a weekly U.S. Department of Agriculture report due later on Monday afternoon.

K.C. May hard red winter wheat futures KWK25 last traded down 5-3/4 cents at $5.51-3/4 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