US Plains HRW Wheat-Basis bids steady, futures rebound from contract low

CHICAGO, Oct 2 (Reuters) - Basis bids for hard red winter wheat were flat on Thursday at elevators in the southern U.S. Plains, traders said, as future prices recovered slightly from a contract low.

• Traders said there was talk that the price break this week may attract export demand.

• The U.S. Department of Agriculture has suspended export sales reports due to the federal government shutdown.

• U.S. Drought Monitor data showed drought was largely absent from the hard red winter wheat belt, benefiting farmers who are planting their next crops. As of September 30, 3% of wheat in Kansas was affected by drought, compared to about 56% a year earlier.

• K.C. December hard red winter wheat KWZ25 ended 3-1/2 cents higher at $4.99 per bushel after setting a contract low of $4.88 per bushel on Wednesday.

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