US Plains HRW Wheat-Basis bids flat in subdued trade

CHICAGO, Feb 27 (Reuters) - Basis bids for hard red winter wheat were unchanged in the U.S. Plains states on Friday in a quiet trade, dealers said.

• Strengthening Kansas City hard red winter wheat futures may encourage farmer selling.

• Investor concerns about the risk of a U.S.-Iran military conflict supported short-covering before the weekend.

• Roughly 50% of the U.S. winter wheat crop is experiencing some level of drought, up from 46% last week, according to the U.S. Department of Agriculture.

• Rains in the U.S. Plains is helping alleviate dryness for the wheat crop.

• K.C. May hard red winter wheat KWK26 was last 12-1/2 cents higher at $5.74-3/4 per bushel as of midday.

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