US Plains HRW Wheat-Basis flat; futures climb on crop condition ratings

CHICAGO, Jan 7 (Reuters) - Basis bids for hard red winter wheat held steady in the U.S. Plains on Wednesday and protein premiums for railcar wheat to or through Kansas City were unchanged while K.C. hard wheat futures bounced, spot checks showed.

• Condition ratings for winter wheat declined during December in Kansas, the top U.S. winter wheat producer, and in several other Plains states, data released by the U.S. Department of Agriculture showed on Tuesday.

• The USDA rated 60% of the Kansas winter wheat crop in good-to-excellent condition, as of Tuesday, down from 62% in late November. Wheat ratings also declined during December in Colorado, Nebraska, Oklahoma and Texas, but improved in Montana.

• About 40% of the winter wheat crop nationally was in an area experiencing drought, as of December 30, the USDA said last week, up from 38% the previous week and 26% a year earlier.

• Market players await several key crop reports due from the USDA on Monday, including the government's first estimate of how much U.S. winter wheat was planted for harvest in 2026. GRA/

• K.C. HRW wheat futures March contract KWH26 settled up 10 cents on Wednesday at $5.31-1/2 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