US Plains HRW Wheat-Basis bids steady-higher as harvest begins

CHICAGO, June 4 (Reuters) - Spot basis bids for hard red winter (HRW) wheat were steady-higher in the U.S. Plains on Wednesday as dealers sought to incentivize selling from farmers who have been focused on winter wheat harvest preparations.

• The basis rose at two Kansas locations and was steady elsewhere.

• Dealers noted quiet selling as farmers began harvesting and others turned focus to harvest preparations.

• U.S. wheat futures rose as signs of a hardening conflict between Ukraine and Russia and worries about dryness in China appeared to spark a round of short-covering, analysts said.

• Wheat drew support from news that parts of China's wheat belt in Shaanxi and Henan provinces have been hit by hot, dry weather that could reduce harvests, though it was unclear if this would prompt more imports given large Chinese stocks.

• Chicago Board of Trade July K.C. HRW wheat KWN25 futures were last up 3-3/4 cents to $5.40-1/2 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