US Plains HRW Wheat-Basis bids flat as futures sag

CHICAGO, July 8 (Reuters) - Spot basis bids for hard red winter (HRW) wheat were flat in a spot check of locations in the U.S. Plains on Tuesday as futures continued to fall.

• An advancing U.S. harvest pressured K.C. hard red winter wheat futures.

• 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.

• Farmers in Kansas, the biggest producer of hard red winter wheat used to make bread, have uncovered stronger yields than in the past three years as they dodge rain showers, according to the Kansas Wheat industry group.

• K.C. September hard red winter wheat KWU25 lost 5 cents to $5.22-1/2 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