US Plains HRW Wheat-Basis bids steady as futures drop

CHICAGO, April 29 (Reuters) - Spot hard red winter wheat basis bids were flat in the U.S. Plains on Tuesday as wheat futures fell sharply and farmer selling remained slow, dealers said.

• More rain is expected in the southern U.S. Plains in the week ahead, which could further ease drought and help crops in important growth stages.

• Low prices have continued to discourage farmer selling.

• 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%.

• K.C. May hard red winter wheat futures KWK25 ended down 9-3/4 cents at $5.31 per bushel. All the forward month contracts set new contract lows during the day.

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