US Plains HRW Wheat-Basis flat as wheat futures dip, dry weather in focus

CHICAGO, March 16 (Reuters) - Basis bids for hard red winter (HRW) wheat held steady in the U.S. Plains on Monday while a retreat in K.C. HRW wheat futures KWK26 discouraged farmer grain sales after an uptick in cash sales last week.

• Protein premiums for railcar wheat to or through Kansas City were unchanged. KCBT/SCA

• Frigid weekend temperatures in Kansas and Colorado may have caused some cosmetic damage to winter wheat plants, brokers said, but dry conditions across the southern Plains were seen as a bigger threat to yield prospects.

• Forecasts called for sharply warmer temperatures in the region later this week, including possible record highs, along with high winds and blowing dust.

• Condition ratings for winter wheat declined in the latest week in Kansas, Oklahoma and Texas, data released by the U.S. Department of Agriculture showed on Monday.

• K.C. May HRW wheat futures KWK26 settled down 13-1/2 cents on Monday at $6.16-1/2 per bushel, turning lower after a climb to $6.38, a one-week high. Steep declines in CBOT soybean futures dragged U.S. grain futures lower. GRA/

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