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