US Plains HRW Wheat-Basis bids flat to down, protein premiums drop

CHICAGO, Feb 24 (Reuters) - Basis bids for hard red winter wheat were flat to lower in a spot check of locations in the U.S. Plains on Tuesday, as futures fell.

• A more active rain pattern in the next two weeks should allow relief to the driest quarter of the Southwest Plains wheat crop, according to Commodity Weather Group.

• Protein premiums for wheat shipped by rail to and through Kansas City fell 7 cents for "ordinary" wheat. They fell 9 cents for wheat with 11% and 11.2% protein content. They fell 3 cents for 11.4% to 12% protein wheat, 5 cents for 12.4% protein, rose 2 cents for 12.8% protein, fell 2 cents for 13% protein, 5 cents for 13.2% to 13.6% protein and 12 cents for 13.8% and 14% protein.KCBT/SCA

• K.C. March hard red winter wheat KWH26 lost 5-3/4 cents to end at $5.54-1/4 per bushel.

• K.C. May hard red winter wheat KWK26 slipped 5-1/4 cents to finish at $5.67 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