US Plains HRW Wheat-Spot basis bids steady to up as futures tumble

CHICAGO, May 9 (Reuters) - Spot basis bids for hard red winter (HRW) wheat were steady to higher in a spot check of locations around the southern U.S. Plains on Friday as futures hit new contract lows.

• Most K.C. HRW wheat contracts on the Chicago Board of Trade sank on Friday to new contract lows.

• A facility in Enid, Oklahoma, raised its basis by $0.25.

• Rain in the south central Plains is expected to favor late heading winter wheat in the coming weeks, according to forecaster Vaisala.

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

• CBOT July wheat KWN25 settled 7-1/4 cents lower at $5.17-1/2 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