US Plains HRW Wheat-Basis bids steady in muted trade

CHICAGO, Dec 8 (Reuters) - Spot basis bids for hard red winter wheat were flat in the U.S. Plains on Monday on slow farmer sales, dealers said.

• The U.S. Department of Agriculture reported net export sales of wheat for the week ended November 6 at 462,500 metric tons.

• On Tuesday, the USDA will release its December crop supply and demand report. Analysts surveyed by Reuters expect the agency to reduce its U.S. wheat ending stocks estimate and raise its global ending stocks view amid strong harvests in key wheat-producing countries.

• Wheat futures have come under pressure from ample global supply.

• K.C. March hard red winter wheat KWH26 futures last traded 4-1/4 cents lower at $5.27 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