US Plains HRW Wheat-Basis flat; farmers eye developing crops

CHICAGO, April 3 (Reuters) - Spot basis bids for hard red winter (HRW) wheat held steady in the southern U.S. Plains on Thursday in quiet trade as K.C. HRW wheat futures eked out a higher close and producers continued to monitor the growth of the 2025 crop.

* Some farmers are delaying wheat sales until they get a better idea of the size of their crop, which is typically harvested in June and July.

* Dry conditions persist in much of the southern Plains, and winter wheat is in need of rain. The latest weekly U.S. Drought Monitor map, released on Thursday, showed "moderate drought" across 59% of top wheat producer Kansas, up from 57% the previous week.

* The U.S. Department of Agriculture is scheduled to release its first national crop progress report of 2025, including condition ratings for U.S. winter wheat, on Monday, April 7.

* The USDA reported export sales of U.S. old-crop wheat in the week ended March 27 at 340,000 metric tons, above a range of trade expectations. The figure included 181,900 tons of HRW wheat. Weekly sales of new-crop wheat totaled 95,200 tons, including 10,600 tons of HRW wheat. EXP/WHE

* K.C. May HRW wheat futures KWK25 settled up 1/2 cent at $5.69 a bushel, supported by short-covering and worries about Plains dryness. However, worries about an expanding trade war slowing global demand for U.S. goods pressured commodity and equity markets. MKTS/GLOB

Basis values are quoted against futures in cts/bu:

NOTES:

H = March, K = May, N = July, U = September

Z = December; UNQ = Unquoted bids

0 = Sp 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