US Plains HRW Wheat-Basis bids hold level on slow farmer sales

CHICAGO, April 24 (Reuters) - Spot hard red winter (HRW) wheat basis bids held mostly steady around the southern U.S. Plains on Thursday on light demand and slow farmer sales, dealers said.

K.C. HRW wheat futures on the Chicago Board of Trade touched fresh contract lows on Thursday but recovered losses later in the session. GRA/

Grain sales by Plains wheat farmers remained limited due to low prices and as growers were still assessing yield potential following recent rains in drought-hit areas.

As of April 22, 73% of winter wheat in top producer Kansas was in moderate drought, compared with 79% in moderate drought or worse a week earlier, according to U.S. Drought Monitor data. Oklahoma's crop was 72% in moderate drought or worse, down from 80% a week earlier.

The U.S. Department of Agriculture reported net old-crop HRW wheat export sales cancellations totaling 50,200 metric tons in the week ended April 17, and new-crop sales of 148,200 tons. EXP/WHE

K.C. May hard red winter wheat futures KWK25 last traded 1/4 cent higher at $5.38 a bushel after posting a contract low of $5.31 during the 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