US Cash Grains-Soybean basis mixed at crush facilities, corn bids steady-firm at ethanol plants

CHICAGO, Aug 18 (Reuters) - Spot basis bids for U.S. soybeans were steady to lower at most Midwest elevators and mixed at crush plants on Monday, while corn basis bids were steady to firm at processing plants and flat to lower at river elevators, traders said.

• Some farmers have been liquidating corn and soybeans remaining in storage ahead of the upcoming harvest, putting pressure on spot basis bids at a few locations.

• The spot soybean basis fell by 10 cents at a large processor in Decatur, Illinois, and by 5 cents in Morristown, Indiana. A Lafayette, Indiana, crusher raised its spot soybean basis bid by 10 cents a bushel, offering farmers a steep 45-cent premium for beans delivered before mid-September, when newly harvested supplies are due to start flooding the market.

• Spot corn basis bids were steady to up 5 cents at Midwest ethanol plants and steady to 4 cents higher at other processing plants, while spot bids at barge-loading river elevators were steady to down 5 cents .

• Grain merchants are closely following reports from this week's Pro Farmer Midwest crop tour after the U.S. Department of Agriculture forecast record corn and soybean yields in a monthly report last week. U.S. farmers are expected to harvest their largest-ever corn crop and the sixth-largest soy crop on record after largely favourable crop weather this summer, the USDA said.

• Corn and soybean crop ratings are expected to decline slightly in a weekly USDA crop condition report due later on Monday, according to analysts surveyed by Reuters. The ratings, however, remain near historic highs.

• Chicago Board of Trade soybean Sv1 and corn Cv1 futures were slightly higher near midday on Monday.

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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- U.S. Midwest cash grain PM GRA/PM

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