US Plains HRW Wheat-Basis bids steady-higher as futures rebound

CHICAGO, May 28 (Reuters) - Spot basis bids for hard red winter (HRW) wheat were steady to higher in the U.S. Plains on Wednesday as a bounce in futures prices and decent export demand encouraged some selling.

• U.S. crop ratings came in below market expectations, though prices remained within sight of a five-year low amid broadly favorable harvest prospects in the northern hemisphere and sluggish international demand.

• The U.S. Department of Agriculture's weekly report showed only 45% of U.S. spring wheat in good to excellent condition, below the lowest in a range of analyst expectations.

• For winter wheat, the agency rated 50% of the U.S. crop as good to excellent, down 2 points from a week earlier and beneath the average analyst forecast, though still the highest rating for this time of year since 2020.

• CBOT July K.C. HRW wheat KWN25 futures rose 3/4 cent to $5.25-1/4 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