US Plains HRW Wheat-Basis bids steady to lower as futures surge

CHICAGO, April 28 (Reuters) - Basis bids for hard red winter wheat were steady to lower around the U.S. Plains on Tuesday as futures prices surged, grain merchants said.

• Farmer sales remained minimal as many growers are gauging how recent showers impact their drought-stressed crop.

• K.C. May wheat futures KWK26 were 30-3/4 cents higher near midday on Tuesday at $6.98 per bushel, while actively traded July futures KWN26 were up 26-1/4 cents at $7.01-1/2 per bushel. Both contracts were at multi-year highs.

• The U.S. Department of Agriculture said the U.S. winter wheat crop was rated 30% good to excellent as of Sunday, unchanged from the prior week but the lowest for this time of year since 2023.

• Grain merchants were beginning to roll their spot basis bids to the July contract from the May ahead of the May contract's delivery period and expiration.

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