U.S. Plains HRW Wheat-Basis steady-firmer as KC futures stabilize

CHICAGO, May 6 (Reuters) - Spot basis bids for hard red winter (HRW) wheat were steady to firmer in the southern U.S. Plains on Tuesday as K.C. HRW wheat futures KWN25 hovered a few cents above contract lows set last week.

• The basis improved by a nickel per bushel at an Enid, Oklahoma, elevator.

• A group of Oklahoma crop experts projected Oklahoma's 2025 winter wheat harvest at 101.169 million bushels with an average yield of 35.9 bushels per acre following an annual tour of the state, the director of the Oklahoma Wheat Commission said.

• The figure is down from Oklahoma's 2024 harvest of 108.3 million bushels, according to the U.S. Department of Agriculture. Farmers in Oklahoma planted 5% fewer acres to winter wheat for 2025 than they did a year earlier.

• Heavy rains over the last month swamped some Oklahoma fields but brought much-needed moisture to other areas, said Mike Schulte, executive director of the Oklahoma Wheat Commission.

• The U.S. Department of Agriculture late Monday rated 51% of the U.S. winter wheat crop in good to excellent condition, up from 49% the previous week.

• The USDA rated 48% of Oklahoma's crop as good-to-excellent, up 4 percentage points from a week earlier, while wheat in Kansas, the top U.S. producer, was rated 47% good-to-excellent, unchanged for the week.

• K.C. July hard red winter wheat futures KWN25 settled up 5-1/4 cents on Tuesday at $5.38 per bushel, recovering after setting a life-of-contract low last week at $5.25.

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