US Plains HRW Wheat-Spot basis bids flat amid dry weather

CHICAGO, April 17 (Reuters) - Basis bids for hard red winter wheat were unchanged in the U.S. Plains states on Friday as farmers remained reluctant to sell as they assessed forecasts for chances of rain.

• Wheat has climbed sharply this week on concerns that persisting drought, coupled with forecast frost, will hurt yields in part of the U.S. Plains.

• Some farmers took advantage of the rally to sell their old-crop wheat.

• Traders were assessing latest weather charts, which suggested some rain relief towards the end of the month in the western Plains, as well as the risk of frost on Saturday.

• The Commodity Weather Group said frost on Saturday morning could add to losses for most advanced crops in the western Plains, while rain in late April was expected to slowly ease crop stress.

• The K.C. May contract KWK26 was last 10-3/4 cents lower at $6.32 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