US Plains HRW Wheat-Spot basis bids mostly steady on moderate demand

CHICAGO, May 19 (Reuters) - Spot basis bids for hard red winter (HRW) wheat held mostly steady at facilities around the southern U.S. Plains on Monday, underpinned by moderate demand, dealers said.

• Rising futures prices sparked some light, scattered farmer sales, but the overall sales pace remained slow, a dealer said.

• Demand for HRW wheat for use as a cattle feed has increased following recent price declines, traders said.

• Recent rains in Texas and Oklahoma have improved soil moisture reserves in the southern HRW wheat belt, forecasters said. Top grower Kansas remained abnormally dry.

• The U.S. Department of Agriculture (USDA) is due to update its weekly crop condition ratings later on Monday. Analysts on average expected the USDA to rate 54% of the winter wheat crop in good to excellent condition, unchanged from a week ago. If confirmed, the average estimate would represent the highest good-to-excellent rating for this time of year since 2019.

• CBOT July K.C. HRW wheat KWN25 futures last traded 7 cents higher at $5.23-1/2 a 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