US Plains HRW Wheat-Basis ticks up in multiple locations

CHICAGO, May 12 (Reuters) - Basis bids for hard red winter wheat were largely higher in a spot check of locations in the U.S. southern Plains on Tuesday as futures rocketed up.

• Nearly half of hard red winter wheat is expected to continue to experience stress from dryness this week, according to forecaster Commodity Weather Group. Temperatures are expected to hit 90 degrees Fahrenheit (32 degrees Celsius) in the U.S. southern Plains this week.

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

• K.C. July hard red winter wheat KWN26 soared 45 cents to $7.31-1/4 per bushel, a contract high.

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