US Plains HRW Wheat-Basis bids steady as futures extend setback

CHICAGO, Nov 7 (Reuters) - Basis bids remained steady for hard red winter wheat at grain elevators in the southern U.S. Plains on Friday, traders said.

• Futures prices pulled back after recent gains made hard red winter wheat too expensive to compete for export business on the global market, a trader said.

• K.C. December hard red winter wheat futures KWZ25 were down 3-3/4 cents at $5.18-1/2 per bushel in afternoon trading. The contract extended a setback after jumping on Wednesday to the highest level since August 11 at $5.40 a bushel.

• Rains have delayed wheat plantings in Kansas, and some farmers estimated that plantings will be flat to down from last year, according to producers' group Kansas Wheat.

• The U.S. Department of Agriculture stopped publishing weekly crop progress data during the federal government's shutdown. This halts updates on winter wheat planting progress and crop conditions.

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