US Plains HRW Wheat-Protein premiums firm; wintry weather eyed

CHICAGO, Jan 20 (Reuters) - Basis bids for hard red winter (HRW) wheat held steady at grain elevators in the southern U.S. Plains on Tuesday, spot checks showed, while protein premiums were flat to higher, typically a sign of demand from domestic flour mills.

• Protein premiums for railcar wheat to or through Kansas City firmed by 20 cents a bushel for HRW wheat with 11.6% through 12.4% protein, and by 5 cents for wheat with 12.6% protein.

• Market players were eying forecasts for a winter storm that is expected to bring snow and sleet to the Southern Plains on Friday into Saturday, followed by frigid Arctic air that could threaten dormant HRW wheat.

• Any precipitation could help insulate winter wheat from the cold, an Oklahoma merchandiser said.

• But wheat in areas lacking snow cover, including Nebraska, could be vulnerable to freeze damage late this week, weather forecaster Vaisala said in a client note.

• K.C. March HRW wheat futures KWH26 settled down 4-1/4 cents on Tuesday at $5.23 a 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