US Plains HRW Wheat-Basis bids flat as farmers sell

CHICAGO, March 11 (Reuters) - Basis bids for hard red winter were unchanged in the U.S. Plains on Wednesday, with dealers noting an influx of farmers forward contracting wheat.

• Producers have taken advantage of a recent price rally to sell their crop.

• Wheat has gained support from the escalating U.S.-Israeli war on Iran.

• Wheat is often sensitive to geopolitical risks, and the upheaval in the Middle East has shifted attention away from ample global supplies of the grain.

• Wheat futures have also benefited from an influx of managed money into commodity investments.

• Dryness has expanded for the winter wheat crop in the U.S. Plains, an analyst note said.

• K.C. May hard red winter wheat futures KWK26 settled 4-3/4 cents to $6.13-1/2 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