US Plains HRW Wheat-Basis bids mostly steady-firm on slow farmer sales

CHICAGO, Oct 24 (Reuters) - Basis bids for hard red winter (HRW) wheat were mostly steady around the U.S. Plains on Friday as farmers continued to focus on planting work instead of on marketing crops.

• Rain in southern areas of the Plains boosted soil moisture, but conditions remained dry in the central Plains, according to forecasters.

• Farmer sales remained minimal despite three days of futures market gains. Benchmark K.C. hard red winter wheat futures KWv1 are up about 25 cents a bushel from a five-year low notched last week.

• U.S. HRW wheat export sales have been strong as low prices have supported demand. Spot basis bids at Texas Gulf terminals improved by 10 cents a bushel late this week.

• K.C. December hard red winter wheat KWZ25 was last up 2 cents near midday at $5.02 per bushel.

Basis values are quoted against futures in cts/bu:

e 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