US Plains HRW Wheat-Basis bids flat as winter wheat harvest starts

CHICAGO, June 3 (Reuters) - Spot basis bids for hard red winter (HRW) wheat held steady in the U.S. Plains on Tuesday as the winter wheat harvest began in the south of the country.

• The U.S. Department of Agriculture released its first harvest predictions of the year for the winter wheat crop, which came in at 3% harvested.

• The U.S. winter wheat crop has been plagued by persistent dryness, but recent rains have helped the crop rebound.

• The USDA ratings surpassed analyst predictions of a 50% good to excellent rating for the winter wheat crop and a 47% rating for spring wheat.

• Chicago Board of Trade July K.C. HRW wheat KWN25 futures were last down 3 cents to $5.36 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