US Plains HRW Wheat-Basis bids flat-up, traders keep eye on dry weather

CHICAGO, April 14 (Reuters) - Spot basis bids firmed for hard red winter (HRW) wheat in parts of Kansas on Monday, traders said, as dryness continued to threaten the crop.

* Some areas of the Plains still lack adequate soil moisture for the normal development of winter grains, the U.S. Department of Agriculture said in a daily weather report.

* The agency is expected to rate 47% of the U.S. winter wheat crop in good to excellent condition in a weekly report due at 3 p.m. CDT (2000 GMT) on Monday, according to a Reuters poll of 10 analysts.

* If realized, the rating would be down from 48% a week ago and 55% at this time last year. It would top the ratings for the same time period in 2023 and 2022, when drought slashed the country's wheat crop.

* K.C. May hard red winter wheat futures KWv1 were down 13-1/4 cents at $5.54-3/4 a bushel in late trading.

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