US Plains HRW Wheat-Basis bids flat as harvest accelerates

CHICAGO, June 16 (Reuters) - Spot basis bids for hard red winter wheat were steady in the U.S. Plains on Monday as farmers focused on harvesting.

• The U.S. harvest of winter wheat is expanding after a slow start. Analysts on average expected the USDA to show the harvest as 11% complete, up from 4% last week.

• Analysts forecast, on average, that the USDA would rate 54% of the winter wheat crop in good-to-excellent condition, unchanged from last week.

• Excessive dryness has lingered in the wheat crop in Europe and the Black Sea.

• Chicago Board of Trade July K.C. HRW wheat KWN25 futures were last 5 cents lower at $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