US Plains HRW Wheat-Basis bids mostly steady as higher futures spark light farmer sales

CHICAGO, May 20 (Reuters) - Spot basis bids for hard red winter (HRW) wheat held mostly steady at elevators and mills around the southern U.S. Plains on Tuesday on moderate demand and scattered farmer selling, dealers said.

• Rising futures prices sparked some light, scattered farmer sales for a second straight day, although the overall sales pace remained limited, a dealer said. Many growers are waiting for prices to rise by another 50 cents a bushel before booking further sales, he said.

• Recent rains in parts of the southern Plains wheat belt have boosted harvest prospects following drought worries earlier in the spring.

• The U.S. Department of Agriculture said 49% of the Kansas winter wheat crop was rated good to excellent as of Sunday, up 1 point from the prior week, and 56% of Oklahoma's crop was rated good to excellent, up 3 points. But Texas crop ratings fell 10 points in the week to 32% good to excellent. US/WHE

• CBOT July K.C. HRW wheat KWN25 futures were 15-1/4 cents higher at midday on Tuesday at $5.38 a bushel. The contract KWv1 was at a two-week high after sinking last week to the lowest point for a most-active contract KWv1 since October 2020.

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