US Plains HRW Wheat-Domestic bids steady, Gulf basis steady-firm as futures drop

CHICAGO, April 23 (Reuters) - Spot basis bids for hard red winter (HRW) wheat were mostly steady around the southern U.S. Plains on Wednesday on slow demand and lower futures prices, while Gulf Coast basis values were steady to higher, dealers said.

K.C. HRW wheat futures on the Chicago Board of Trade fell on Wednesday, pressured by sluggish export demand and improved harvest prospects following recent rains. Actively traded nearby contracts hit lifetime lows. GRA/

Grain sales by Plains wheat farmers were slow amid sinking prices and as growers assessed yield potential after the rains brought moisture for the parched crops.

The U.S. Department of Agriculture is due to release weekly export sales data early on Thursday. Analysts surveyed by Reuters expect net old-crop wheat sales of up to 200,000 metric tons for the week ending on April 17. Net new-crop sales were expected at 100,000 to 300,000 tons.

K.C. May hard red winter wheat futures KWK25 last traded 8 cents lower at $5.38 a bushel after posting a contract low of $5.37 during Wednesday's session.

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