US Plains HRW Wheat-Protein premiums climb, winter storm looms

CHICAGO, Jan 21 (Reuters) - Basis bids for hard red winter (HRW) wheat were unchanged at grain elevators in the southern U.S. Plains on Wednesday but protein premiums for railcar wheat to or through Kansas City were mostly firmer, reflecting demand from domestic flour mills.

• Premiums rose by 3 to 10 cents a bushel for most wheat grades between 11.0% and 12.4% protein, and by 14 cents for "ordinary" wheat with less than 11% protein. KCBT/SCA

• K.C. March HRW wheat futures KWH26 have been stuck in a narrow trading range for the last week between roughly $5.16 to $5.31 a bushel, muting farmer grain sales.

• A winter storm was forecast to produce heavy snow, sleet and freezing rain from the southern Plains to the mid-South starting on Friday into Saturday, followed by frigid temperatures.

• The moisture could benefit dormant winter wheat in Texas, Oklahoma and Kansas, but crops farther north that lack projective snow cover could be vulnerable to freeze damage following the storm.

• K.C. March HRW wheat futures KWH26 settled down 3-1/4 cents on Wednesday at $5.19-3/4 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