US Plains HRW Wheat-Basis bids unchanged as movement slows

CHICAGO, Nov 25 (Reuters) - Basis bids for hard red winter wheat were flat in the U.S. Plains on Tuesday as trading was sluggish ahead of Thursday's Thanksgiving holiday, when markets will be closed.

• Weekend rains over the U.S. Plains improved moisture levels for the winter wheat crop, though roughly one-quarter of the crop remains too dry, an analyst note said.

• Falling Russian prices, harvesting in Argentina and Australia, and results from a Saudi import tender on Monday have kept attention on strong competition in a well-supplied wheat market.

• The U.S. Department of Agriculture reported weekly net export sales of wheat for the week ended October 9 at 613,900 metric tons.

• K.C. March hard red winter wheat KWH25 futures were last 5 cents higher at $5.27-1/2 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