US Plains HRW Wheat-Basis bids flat after uptick in milling demand

CHICAGO, Dec 18 (Reuters) - Spot basis bids for hard red winter (HRW) wheat were flat at grain elevators in the southern U.S. Plains on Thursday following a recent uptick in milling demand, merchandisers said.

• K.C. March hard red winter wheat futures KWH26 were up 8-1/2 cents at $5.16-1/4 a bushel at 11:40 a.m. CST (1740 GMT) after falling on Wednesday to the lowest level since October 14.

• The recent setback in prices encouraged demand from millers, a merchandiser said.

• Protein premiums fell by 2 cents to 7 cents a bushel for wheat with 11.4% to 12.2% protein on Wednesday. KCBT/SCA

• In Kansas, the biggest producer of HRW wheat, 7.5% of the state was affected by drought as of December 16, up from 5.4% a week earlier, according to the U.S. Drought Monitor.

• The U.S. Department of Agriculture reported that U.S. export sales of HRW wheat were 134,235 metric tons in the week that ended on November 27.

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