US Plains HRW Wheat-Basis steady as protein premiums fall

CHICAGO, March 6 (Reuters) - Basis bids for hard red winter wheat were flat in the southern U.S. Plains on Friday, as protein premiums fell and traders assessed weather risks to the crop.

• Protein premiums for railcar HRW wheat to and through Kansas City fell by 3 to 13 cents a bushel for wheat with 11.0% through 12.6% protein, often a sign of weakening demand from domestic flour mills. KCBT/SCA

• Protein premiums rose 15 cents for "ordinary" wheat and 5 cents for wheat with 12.8% protein, and were unchanged for all other grades of wheat.

• Dry weather in the central and southern Plains in the next 16-30 days is expected to keep moisture low and stress winter wheat as it emerges from dormancy, according to forecaster Vaisala.

• K.C. May hard red winter wheat futures KWK26 climbed 31 cents to $6.23-1/2 per bushel, its highest point in more than a year.

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