US Plains HRW Wheat-Bids flat to higher, rains to benefit crops

CHICAGO, March 3 (Reuters) - Basis bids for hard red winter wheat were steady to higher on Tuesday in the southern U.S. Plains as rains were set to benefit the crop, dealers said.

• Rains will reduce the portion of the crop affected by dryness to about 25% from 60% over the next 10 days, Commodity Weather Group said.

• The crop was set to resume growing after going dormant for the winter.

• K.C. May hard red winter wheat futures KWK26 ended up 3-1/2 cents at $5.78-1/4 per bushel after pulling back on Monday from a July high.

• Improving U.S. crop weather and a rally in the dollar have pressured wheat futures, which have struggled under an ample global supply.

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