US Plains HRW Wheat-Basis flat; market players eye crop conditions

CHICAGO, Jan 8 (Reuters) - Basis bids for hard red winter wheat were unchanged in the U.S. Plains states on Thursday as futures chopped up and down, with market players focused on declining crop conditions in the U.S. winter wheat belt.

• The U.S. Department of Agriculture 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 42% of the winter wheat crop nationally was in an area experiencing drought as of Tuesday, the USDA reported, up from 40% the week prior.

• 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 was last up 3/4 cent to $5.32 per bushel as of midday.

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