US Cash Grains-Corn, soy basis steady-firm as farmer sales remain slow

CHICAGO, March 19 (Reuters) - Spot basis bids for corn and soybeans were mostly steady to higher at elevators and processors around the U.S. Midwest on Wednesday, supported by slow farmer sales and weak futures prices, dealers said.

Farmers were discouraged from booking fresh sales as prices have slumped from recent peaks and as they are increasingly focused on spring planting preparations.

A corn processor in Cedar Rapids, Iowa, raised its spot basis bid by 3 cents a bushel on Wednesday. Several other processors lifted basis bids earlier in the week to entice farmer sales.

A soybean processor in Morristown, Indiana, raised its spot bid by 5 cents a bushel, following similar basis bumps at other crush plants earlier this week.

Chicago Board of Trade May corn futures CK25 were flat at $4.58-3/4 per bushel near midday on Wednesday while May soybeans SK25 were down 5 cents at $10.07-3/4 a bushel.

Basis values are quoted against CBOT futures in cts/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-PM

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

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 PM GRA/PM

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