US Plains HRW Wheat-Spot basis bids mostly steady-firm on slow farmer sales

CHICAGO, April 7 (Reuters) - Basis bids for hard red winter (HRW) wheat were mostly steady to firm in the southern U.S. Plains on Tuesday as futures prices eased and farmer selling remained minimal, grain merchants said.

• Many growers seized the opportunity to sell grain last month when futures markets rallied, merchants said. Those with old-crop wheat left to sell are waiting for prices to rebound before booking additional sales, they said.

• Drought in parts of the southern Plains, particularly in far western areas, has hurt the crop. Rain in the forecast over the next two weeks is expected to recharge soil moisture and aid crops in central and eastern areas of the wheat belt, forecasters said.

• The U.S. Department of Agriculture said just 35% of the U.S. winter wheat crop was in good-to-excellent condition as of Sunday. That was worse than expected by analysts, who on average expected the first national condition rating to come in at 42%.

• K.C. May hard red winter wheat KWK26 futures were down 1/4 cent near the close on Tuesday at $6.08 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 = Spot 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