US Plains HRW Wheat-Basis bids flat, futures rise from nine-week low

CHICAGO, Dec 17 (Reuters) - Spot basis bids for hard red winter (HRW) wheat stayed steady on Wednesday at grain elevators in the southern U.S. Plains, merchandisers said.

• Recent weakness in prices has encouraged demand from millers and bakers, brokers said.

• K.C. March hard red winter wheat futures KWH26 ended up 2-3/4 cents at $5.07-3/4 a bushel after falling earlier to the lowest level since October 14.

• The market was oversold, a broker said.

• Protein premiums fell by 6 cents a bushel for wheat with 12.2% protein and were unchanged for other grades on Tuesday. KCBT/SCA

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