US Cash Grains-Soybean, corn basis bids steady-firm on light farmer sales

CHICAGO, April 25 (Reuters) - Spot basis bids for soybeans delivered to elevators and processors around the U.S. Midwest were steady to higher on Friday on slow farmer sales and firm demand, grain merchants said.

• Spot corn basis bids were steady to higher at elevators, ethanol plants and other processors.

• Grain sales by farmers have remained minimal this week and buyers have stepped up basis bids to entice sales. Cash corn and soy prices remain below many growers' targeted levels. Many farmers are also focused on spring planting instead of on marketing grain.

• Scattered storms across the Midwest over the past week have stalled seeding in some areas. Overly wet field conditions have also sidelined farmers.

• Forecasters expect above-normal rains in the southern Midwest and Delta into next week. Below-normal rains are likely in the central Midwest, they said.

• Elevators and processors are beginning to roll their basis bids to July futures contracts from May futures ahead of the upcoming delivery period for May contracts.

• Chicago Board of Trade soybean futures Sv1 eased on Friday after reaching two-month peaks this week. May futures SK25 down 3 cents near midday on Friday at $10.59 a bushel.

• CBOT May corn CK25 was up 1-3/4 cents at $4.85-3/4 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