US Plains HRW Wheat-Spot basis bids mostly steady as futures sink to new lows

CHICAGO, May 8 (Reuters) - Spot basis bids for hard red winter (HRW) wheat were mostly steady around the southern U.S. Plains on Thursday as easing futures prices underpinned values, grain merchants said.

• Most K.C. HRW wheat contracts on the Chicago Board of Trade fell on Thursday to new contract lows, which kept a lid on farmer selling interest. July futures KWN25 hit the lowest level for a most-active contract KWv1 since October 2020.

• Rains across much of the southern Plains this week have boosted yield prospects for the developing wheat crop and lessened drought severity in Oklahoma and Texas, according to weekly U.S. Drought Monitor data.

• An annual wheat crop tour is scheduled to survey wheat fields across top producing state Kansas next week.

• The U.S. Department of Agriculture (USDA) said net old-crop U.S. wheat sales totaled 69,700 metric tons in the week ended May 1, in line with trade estimates. New-crop sales rose to 493,000 tons, above trade expectations. EXP/WHE

• CBOT July wheat KWN25 last traded 4 cents lower at $5.25-1/2 per bushel.

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