US Plains HRW Wheat-Basis steady-weaker; cold weather threat eyed

CHICAGO, May 5 (Reuters) - Basis bids for hard red winter wheat were steady to weaker in the southern U.S. Plains on Tuesday while farmer selling remained light, reflecting growers' uncertainty about yield prospects in the weeks ahead of harvest, merchandisers said.

• A group of Oklahoma crop experts on Tuesday projected Oklahoma's 2026 drought-hit wheat crop at 47.799 million bushels, less than half of last year's production, with an average yield of 23.11 bushels per acre.

• The estimates were based on field assessments conducted by Oklahoma State University Extension educators, as well as private crop consultants and area agronomists, said Mike Schulte, executive director of the Oklahoma Wheat Commission.

• The crop was developing at a faster-than-normal pace due to stressful weather and harvesting could begin in Oklahoma later this month, one grain merchandiser said.

• Spring storms were crossing parts of Colorado, Nebraska and Kansas on Tuesday afternoon, bringing welcome moisture, but temperatures could dip near freezing in the next two days, posing additional threats to developing wheat crops, brokers said.

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

• Benchmark K.C. July wheat KWN26 futures settled down 4-1/2 cents at $6.90 a 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