US Plains HRW Wheat-Basis bids flat to lower as futures jump nearly 3%

CHICAGO, Feb 12 (Reuters) - Basis bids for hard red winter wheat were flat to lower in the U.S. Plains on Thursday as a futures price rally sparked some light farmer sales.

• Growers have sold most of their old-crop wheat already so sales were minimal. A nearly 3% jump in futures prices on the Chicago Board of Trade sparked some selling interest for the crop that farmers will be harvesting later this year, a grain merchant said.

• Temperatures across the wheat belt were above normal and rains are expected in the southern Plains this weekend. The precipitation, along with the recent snowmelt, eased some yield concerns in the drought-hit region.

• K.C. March HRW wheat futures KWH26 were up 15-1/2 cents near the close on Thursday at $5.54 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