US Plains HRW Wheat-Basis bids unchanged as futures fall

CHICAGO, May 27 (Reuters) - Spot basis bids for hard red winter (HRW) wheat were flat in the U.S. Plains on Tuesday as falling wheat futures discouraged farmer selling, dealers said.

• Industry players are awaiting the U.S. Department of Agriculture's weekly crop progress report on Tuesday afternoon.

• Analysts forecast, on average, that the USDA would rate 53% of the winter wheat crop in good to excellent condition, up 1 percentage point from last week and the highest for this time of year since 2020.

• Chicago wheat futures fell for a third straight session on Tuesday, as rain in wheat-growing areas of the U.S. Plains improved moisture for the crop, reinforcing expectations of a well-supplied market, according to analysts.

• Helpful rains have hit the central and southern U.S. Plains and dry parts of Europe and the Black Sea region, according to weather forecaster Vaisala.

• CBOT July K.C. HRW wheat KWN25 futures were last down 14 cents to $5.24 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