US Cash Grains-Corn processor, wheat miller basis bids steady-lower

CHICAGO, July 16 (Reuters) - Spot basis bids for corn were flat to lower at U.S. Midwest processing plants on Wednesday while bids at wheat processors were unchanged to down slightly.

• Farmer selling remained minimal on Wednesday as futures prices remain near recent lows. Growers are reluctant to lock in unprofitable prices with most of the country's crop still vulnerable to weather issues this summer. Most of the corn crop is entering its crucial pollination stage of development this month, a period when hot and dry weather can impact yields.

• Meanwhile, strong corn and soybean crop prospects in the United States so far this season, with crop ratings at the highest mid-July level since 2016, discouraged grain buyers from being overly aggressive with bids for post-harvest deliveries.

• A large corn processor in Blair, Nebraska, trimmed its spot basis bid by 2 cents a bushel on Wednesday after cutting the bid by 3 cents a day earlier. Another processor in Cedar Rapids, Iowa, lowered its spot basis bid for corn by 2 cents earlier in the day.

• A Chicago-area wheat miller lowered its spot basis bid by 3 cents a bushel on Wednesday as more of the winter crop is being harvested.

• Chicago Board of Trade September corn futures CU25 settled up 4 cents at $4.05-1/4 a bushel, while new-crop December corn CZ25 was up 4-1/4 cents at $4.24 a bushel.

• CBOT August soybean futures SQ25 were up 18-1/2 cents at $10.13-1/2 per bushel. New-crop November soybeans SX25 were up 18-3/4 cents at $10.20-1/2 a 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