US Cash Grains-Corn, soy basis flat-higher; rain expected to slow plantings

CHICAGO, April 16 (Reuters) - Spot basis bids for corn and soybeans were mostly steady to stronger at grain elevators and processing facilities in the Midwest on Wednesday.

Farmers who are planting the crops face delays from rains that are forecast to hit areas of the Midwest and Plains in the coming days, traders said.

In May and June, drier weather in the central and western Midwest could lower moisture for the crops' early growth but favor any late plantings, weather firm Maxar said.

U.S. corn farmers this year are set to plant one of their biggest areas in history as the grain's profitability potential is strong versus alternative crops.

The U.S. Department of Agriculture may increase its corn planting estimate by more than 1 million acres when it issues an acreage report at the end of June, said Terry​​​​ Reilly, senior agricultural strategist for Marex.

The soy basis rose by 3 cents per bushel at a processor in Lafayette, Indiana, and by 5 cents at a river terminal near Savanna, Illinois.

The corn basis rose by 3 cents at a river terminal near Davenport, Iowa, and by 5 cents at an ethanol plant in Linden, Indiana.

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