US Cash Grains-Corn basis mostly steady to firm at processors, interior elevators

CHICAGO, July 15 (Reuters) - Spot basis bids for corn delivered to U.S. Midwest processors and interior elevators were mostly steady to firm on Tuesday after a drop in futures prices shut off farmer sales, while bids at river terminals were flat to lower.

• Chicago Board of Trade corn futures notched contract lows on Monday before recovering to close higher. Futures were firmer again on Tuesday, but farmers want to see further price gains before booking fresh sales, grain merchants said.

• A corn processor in Cedar Rapids, Iowa, raised its spot basis bid by 4 cents a bushel on Tuesday. The bid for deliveries in the second week of July offered farmers a 5-cent premium over grain delivered later in the month. An elevator in Lincoln, Nebraska, lifted its spot corn bid by 5 cents.

• Spot soybean basis bids were steady at interior elevators, steady to firm at river locations, and flat to lower at processing plants.

• The National Oilseed Processors Association said the U.S. soybean crush last month was the largest ever for the month of June. The crushing pace, however, slowed for a second straight month and was the slowest for any month since last September, NOPA data showed.

• U.S. corn crop conditions held steady over the past week, with 74% of the crop rated in good to excellent shape, the strongest mid-July level since 2016, according to U.S. Department of Agriculture data released on Monday. Soy crop conditions improved to their strongest since 2016 after an unexpected 4-point jump from a week earlier to 70% good to excellent.

• Chicago Board of Trade September corn futures CU25 were up 2-1/4 cents at $4.02-1/4 a bushel at 11:55 a.m. CDT (1655 GMT), while new-crop December corn CZ25 was up 3 cents at $4.21 a bushel.

• CBOT August soybean futures SQ25 were down 4-1/2 cents at $9.96-1/2 per bushel. New-crop November soybeans SX25 were down 3-1/4 cents at $10.03-3/4 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