US Plains HRW Wheat-Basis steady amid quiet trade, slow selling

CHICAGO, April 11 (Reuters) - Spot basis bids for hard red winter (HRW) wheat were flat in the U.S. Midwest on Friday as selling was quiet amid a lack of farmer selling and after the U.S. Department of Agriculture in its monthly supply and demand report raised its global and U.S. wheat stocks projection.

* The USDA projected hard red winter wheat stocks remaining at the end of the 2024/25 marketing year on May 31, 2025, at 408 million bushels, up from its previous forecast of 382 million.

* The larger stocks figure WASDE05 reflected reduced estimates of 2024/25 feed and residual use as well as exports.

* The USDA also raised its forecasts of overall U.S. 2024/25 wheat ending stocks and global wheat stocks more than most analysts expected.

* Fresh losses for the dollar index =USD, which hit a three-year low on Friday, also underpinned U.S. grains, making them more attractive to overseas buyers.

* More than 93% of winter grain crops in Russia are in normal condition, the TASS state news agency quoted Deputy Prime Minister Dmitry Patrushev as saying on Friday.

* The weekly U.S. Drought Monitor showed dry conditions eased in Kansas and Oklahoma in the week ended April 8. But weather forecasts called for limited rains in the next week, adding to fears of crop stress.

* Weather risks have added a boost to Chicago wheat futures as roughly one third of the U.S. winter wheat crop is still too dry.

* May hard red winter wheat futures KWv1 were last up 14 cents to $5.72 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 = 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