US Plains HRW Wheat-Basis bids steady as futures drop

CHICAGO, April 28 (Reuters) - Spot hard red winter (HRW) wheat basis bids held steady in the U.S. Plains on Monday as welcome rains in the U.S. wheat belt depressed future prices and discouraged farmer selling, dealers said.

• Winter wheat ratings improved more than expected following beneficial showers in the Plains. The USDA rated 49% of the U.S. winter wheat crop in good or excellent condition, up from 45% the previous week and matching the year-ago rating. Analysts on average expected a rating of 47%.

• Weather forecasts are predicting continued beneficial rains in the U.S. Plains this week.

• Farmers' selling has remained slow to start the week.

• The country's wheat crop has been plagued by persistent dryness in the early stages of its development.

• K.C. May hard red winter wheat futures KWK25 ended down 11-1/4 cents at $5.39-3/4 per bushel after reaching a contract low of $5.34-1/2.

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