US Cash Grains-Soybean bids hold steady after weakening previous week

CHICAGO, June 16 (Reuters) - Spot basis bids for U.S. soybeans were mostly steady in the U.S. Midwest on Monday after consistent declines during the previous week, where Archer-Daniels-Midland facilities slashed their soybean basis bids and other locations followed their lead.

• The soy basis fell at an Iowa elevator but was steady elsewhere, spot checks showed.

• The corn basis ticked higher at an Illinois processor and fell at an Ohio elevator.

• ADM, a major U.S. soybean crusher and biofuel producer, slashed its bids to buy the oilseed last week ahead of an expected Trump administration announcement on biofuel blending requirements, a primary driver of demand for soybean oil.

• U.S. soyoil futures hit their highest in 20 months on Monday, supported by U.S. biofuel blending proposals that are likely to increase demand, while soybean futures touched a one-month high.

• CBOT July soybeans SN25 settled unchanged at $10.69-3/4 per bushel.

• CBOT July corn CN25 settled 9-3/4 cents lower to $4.34-3/4 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