US Plains HRW Wheat-Protein premiums retreat after month-long climb

CHICAGO, Nov 17 (Reuters) - Basis bids for hard red winter wheat held mostly steady at grain elevators in the southern U.S. Plains on Monday, spot checks showed, while protein premiums retreated after firming over the last several weeks.

• Protein premiums for wheat delivered by railcar to or through Kansas City fell for most grades after a month-long climb eventually spurred enough grain movement to meet spot demand from domestic flour millers, one broker said.

• Premiums fell by 19 cents for wheat with 11.8% protein and by 11 to 15 cents for wheat with 12.0% through 12.8% protein. Premiums for other grades were unchanged. KCBT/SCA

• After the close of the markets, the U.S. Department of Agriculture's statistical database showed that 45% of the U.S. winter wheat crop was rated in good to excellent condition, compared to 49% for this same week a year ago.

• K.C. December hard red winter wheat KWZ25 settled up 13-1/2 cents at $5.28-3/4 per 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