US Plains HRW Wheat-Basis bids flat amid light selling

CHICAGO, July 2 (Reuters) - Spot basis bids for hard red winter (HRW) wheat were steady in the U.S. Plains states on Wednesday as some farmers took advantage of a small bump in wheat futures to sell their crop.

• 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 percentage point from the previous week and a percentage point below the average trade estimate. The winter wheat harvest accelerated to 37% complete, up from 19% the prior week.

• The wheat market is underpinned by short-covering and bargain-buying after last week's deep losses, with prices trading close to multi-year lows reached in May.

• K.C. September hard red winter wheat KWU25 last traded 9-3/4 cents higher to $5.40-1/2 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