US Plains HRW Wheat-Basis bids flat in quiet trade

CHICAGO, Jan 16 (Reuters) - Basis bids for hard red winter (HRW) wheat were steady at elevators in the U.S. Plains on Friday amid slow selling, dealers reported. Drought eased over the past week in the Plains, according to U.S. Drought Monitor data. In Kansas, about 15% of the state was experiencing abnormally dry conditions as of January 13, down from about 32% a week earlier, the data show. Dryness was affecting 7% of the state’s winter wheat crop, down from 13% a week ago. Snowfall in southern Russia has not damaged winter crops, all of which remain in good condition, the country’s agriculture minister was quoted as saying by the RIA news agency. U.S. markets and most government offices will be closed on Monday in observance of the Martin Luther King Jr. federal holiday. K.C. March HRW wheat futures (KWH26) ended up 10 cents on Friday at $5.27-1⁄4 a bushel. Basis values are quoted against futures in cts/bu: Current Previous Cash basis basis price KANSAS Wichita -60 + H -60 + H $4.67 Newton -85 + H -85 + H $4.42 Goodland -90 + H -90 + H $4.37 TEXAS Gulf track* 125 + H 125 + H $6.52 Galveston 100 + H 100 + H $6.27 OKLAHOMA Enid -40 + H -40 + H $4.87 Catoosa 5 + H 5 + H $5.32 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. CIF Gulf Grain (GRA/C) U.S. FOB Gulf Grain (GRA/F)