US Cash Grains-Corn, soy basis tick higher as futures bounce

CHICAGO, March 6 (Reuters) - Spot basis bids for soybeans and corn crept higher in the U.S. Midwest on Thursday as buyers attempted to lure farmers off the sidelines, though relatively low prices did little to encourage selling.

The soy basis rose at an Illinois river terminal and at an Iowa elevator.

The corn basis rose at an Illinois river terminal.

Chicago Board of Trade corn and soybean futures surged on Thursday on easing trade tensions after U.S. President Donald Trump said Mexico would not be required to pay tariffs on any goods that fall under a North American trade pact until April 2.

Trump had imposed 25% U.S. tariffs on imports from Mexico and Canada on Tuesday along with fresh duties on Chinese goods, adding to worries about the impact on inflation and growth.

The price recovery has not been enough to encourage farmer selling, a dealer said.

CBOT May corn CK25 settled up 8-1/4 cents at $4.65 per bushel, extending its rebound from a two-month low set on Tuesday.

May soybeans SK25 settled up 15-1/2 cents on Thursday at $10.27-1/4 per bushel.

Basis values are quoted against CBOT futures in cents/bu:

NOTE: 0 = Option Price, UNC = Unchanged, UNQ = Unquoted,

NC = Not Comparable, DP = Delayed Price, N/A = Not Available,

F = January, H = March, K = May, N = July, Q = August,
U = September, X = November, Z = December

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LINKS: 0#USCSHGRN-AM

For U.S. forward basis spreadsheets, please click on:

CORN/BASIS, SOYA/BASIS, WHEAT/BASIS, MILO/BASIS

- CBOT corn report COR/

- CBOT soybean report SOY/C

- CBOT wheat report WHE/C

- U.S. grain barge freight values BG/US

- U.S. Midwest cash grain AM GRA/M

- U.S. CIF/FOB Gulf Grain GRA/F