US Plains HRW Wheat-Basis bids flat as futures fall

CHICAGO, July 7 (Reuters) - Spot basis bids for hard red winter (HRW) wheat were steady in a spot check of locations in the U.S. Plains on Monday as futures fell.

• A quickly advancing harvest pressured wheat futures on Monday.

• The U.S. Department of Agriculture reported the U.S. winter wheat harvest was 53% complete, behind the five-year average of 54% but ahead of the average analyst estimate of 49% complete.

• The USDA rated 48% of the crop as good to excellent, the same as last week, while analysts on average had expected an improvement

• K.C. September hard red winter wheat KWU25 settled 8-1/2 cents lower at $5.27-1/2 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