US Plains HRW Wheat-Basis bids flat in muted trade

CHICAGO, March 10 (Reuters) - Basis bids for hard red winter were unchanged in quiet trading on Tuesday as market players assessed recent rains in wheat-growing areas and a U.S. Department of Agriculture report.

• USDA left its U.S. wheat supply and demand outlook unchanged in a monthly report on Tuesday. The agency's global stocks outlook declined slightly after forecasting higher domestic use and lower exports from the EU, higher Argentine exports and lower exports from the Black Sea region.

• Wheat in part of the U.S. Midwest has exited dormancy and rains have missed some dry areas of the southwestern U.S. Plains, an analyst said.

• Wheat prices remain anchored by ample global supplies and muted demand for U.S. shipments.

• K.C. May hard red winter wheat futures KWK26 last traded 9-1/4 cents lower at $6.10-1/2 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