US Plains HRW Wheat-Basis bids steady amid light selling

CHICAGO, July 1 (Reuters) - Spot basis bids for hard red winter (HRW) wheat were flat in the U.S. Plains on Tuesday amid a slow stream of farmer selling.

• The U.S. Department of Agriculture said 49% of the nation's winter wheat crop and 53% of the spring wheat crop was in good-to-excellent condition as of Sunday, both down 1 point from the previous week and a point below the average trade estimate. The winter wheat harvest accelerated to 37% complete, up from 19% the prior week.

• The U.S. Department of Agriculture's June 1 wheat stocks figure of 851 million bushels was also above most analysts' estimates while June 1 corn stocks at 4.644 billion bushels were near the average estimate.

• The Chicago Board of Trade reported 193 deliveries on first notice day against the CBOT July soft red winter wheat WN25 futures contract, which expires on July 14. The exchange also reported 310 lots delivered against K.C. July hard red winter wheat KWN25 futures. WHE/D

• K.C. September hard red winter wheat KWU25 last traded 5-3/4 cents higher at $5.32-1/2 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