US Cash Grains-Soybean, corn basis bids jump at elevators, processors

CHICAGO, June 2 (Reuters) - Spot soybean and corn basis bids jumped at some elevators and processors in the U.S. Midwest on Monday, dealers said.

• Farmers continue to be reluctant to sell crops as they wrap up plantings and try to assess how growing conditions may look during the summer, they said.

• The U.S. Department of Agriculture's first condition rating of the soybean crop this year came in at 67% good to excellent, slightly below the average estimate of 68%. Plantings were 84% complete, up from 76% a week ago, the agency said.

• The USDA reported 93% of corn was planted, up from 87% a week ago, and 69% of the crop was in good to excellent condition, compared to 68% last week.

• Chicago Board of Trade soybean futures Sv1 fell to their lowest levels in seven weeks on worries about demand for U.S. oilseed supplies and generally favorable crop weather, analysts said.GRA/

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

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