US Plains HRW Wheat-Basis flat; grain handlers assess weekend storm

CHICAGO, Jan 26 (Reuters) - Basis bids for hard red winter wheat were unchanged in the southern U.S. Plains on Monday and cash grain movement was at a standstill following a weekend storm that dumped up to a foot (30.5 centimeters) of snow in Oklahoma, grain dealers said.

• One Oklahoma merchandiser said his elevator was closed to truck deliveries on Monday so crews could clear snow.

• Some 7 to 9 inches (17.8 to 22.9 cm) of snow fell in Kansas, mostly in southern and eastern portions of the state, the National Weather Service said.

• The snow offered welcome moisture for winter wheat and insulation from potentially damaging cold, analysts said.

• However, Nebraska was lacking snow cover, leaving some winter wheat exposed to recent temperatures broadly ranging from zero to minus 20 degrees Fahrenheit (minus 18 to minus 29 degrees Celsius), the U.S. Department of Agriculture said in a daily weather note.

• The Commodity Weather Group estimated that about 15% of the hard red winter wheat belt was vulnerable to freeze damage on Monday morning.

• K.C. wheat futures closed lower on Monday with the March contract KWH26 settling down 11 cents at $5.29-3/4 a bushel. WHE/C

• Premiums for HRW wheat shipped by rail to or through Kansas City fell by 5 cents a bushel for wheat with 12.0% protein, while premiums for other grades were unchanged. KCBT/SCA

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