US Plains HRW Wheat-Basis bids mostly steady to lower as futures jump

CHICAGO, Dec 2 (Reuters) - Spot basis bids for hard red winter wheat were mostly steady to lower around the U.S. Plains on Tuesday as futures prices jumped and farmer selling remained slow, grain merchants said.

• Wheat futures on the Chicago Board of Trade rebounded on Tuesday after two sessions of losses. But farmer selling interest was muted as cash prices remain well below recent highs, merchants said.

• K.C. March hard red winter wheat KWH26 futures were up 5-3/4 near midday on Tuesday at $5.32-1/2 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