US Plains HRW Wheat-Wheat basis flat to up, futures set August high

CHICAGO, Nov 5 (Reuters) - Basis bids for hard red winter (HRW) wheat were unchanged to higher at elevators in the southern U.S. Plains on Wednesday as futures reached their highest price in about three months, traders said.

• Traders continued to circulate market rumors that China bought U.S. wheat after striking a trade deal with Washington last week, though deals were not confirmed.

• China said it would suspend retaliatory tariffs on U.S. imports, including duties on farm goods. Imports of U.S. soybeans still face a 13% tariff.

• K.C. December hard red winter wheat futures KWZ25 were up 3 cents at $5.39-1/2 per bushel by 12:40 p.m. CST (1840 GMT). The contract hit its highest level since August 11 at $5.40 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