US Plains HRW Wheat-Protein premiums steady-higher, winter storm approaches

CHICAGO, Jan 22 (Reuters) - Basis bids for hard red winter (HRW) wheat held steady in the southern U.S. Plains on Thursday while protein premiums in the Kansas City milling market were flat to higher, supported by flour mill demand and a shortage of available railcars of wheat, brokers said. Premiums rose by 5 to 6 cents a bushel for wheat with 11.0% through 11.4% protein. Premiums were otherwise unchanged after firming for various protein grades earlier this week. (KCBT/SCA) A massive winter storm is forecast to bring beneficial moisture to the Southern Plains starting on Friday but frigid temperatures in its wake could threaten winter wheat in areas lacking protective snow cover. Livestock will face stressful conditions due to ice and snow in the Southern Plains and extreme cold in the north, the U.S. Department of Agriculture said in a daily weather note. Some 42% of the U.S. winter wheat crop was located in a drought area as of January 20, up from 41% a week earlier, the USDA said in a weekly drought report. K.C. HRW wheat futures continued to trade sideways on Thursday as support from short covering and a weaker U.S. dollar offset pressure from ample global grain supplies. (WHE/C) The K.C. March wheat contract (KWH26) settled up 6 cents at $5.25-3⁄4 a bushel but stayed inside of Wednesday’s trading range. Basis values are quoted against futures in cts/bu: Curren Previo Cas t us h basis basis pri ce KANSAS Wichita -60 + H -60 + H $4. 66 Newton -85 + H -85 + H $4. 41 Goodland -90 + H -90 + H $4. 36 TEXAS Gulf 125 + H 125 + H $6. track* 51 Galveston 100 + H 100 + H $6. 26 OKLAHOMA Enid -40 + H -40 + H $4. 86 Catoosa 5 + H 5 + H $5. 31 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)