US Plains HRW Wheat-Basis bids flat; farmer selling ticks up

CHICAGO, June 18 (Reuters) - Spot basis bids for hard red winter wheat were steady in the U.S. Plains on Wednesday, though some farmers have taken advantage of the recent bump in wheat prices to market their crop, dealers said.

• The U.S. winter wheat harvest is off to a slow start in Oklahoma and Kansas due to wet conditions. US/WHE

• Wheat futures jumped on Wednesday as weather woes in parts of the United States and Europe, coupled with signs of fresh global export business, prompted speculators to cover short positions ahead of a U.S. holiday on Thursday, traders said.

• Commodity funds hold a large net short position in CBOT wheat futures, leaving the market vulnerable to short-covering rallies.

• Chicago Board of Trade July K.C. HRW wheat KWN25 futures ended up 23-1/2 cents, or 4.3%, at $5.71-1/4 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