US Cash Grains-Soy basis mostly steady to weaker, corn bids mixed

CHICAGO, Sept 9 (Reuters) - Spot basis bids for soybeans were mostly steady to weaker in the U.S. Midwest on Tuesday, falling at soy processing plants and a Midwest river terminal, spot checks showed, while the corn basis was mixed.

• The soybean basis fell by a nickel per bushel at crushing facilities in Morristown and Lafayette, Indiana, and the basis tumbled by 25 cents at Seneca, Illinois, where grain is loaded onto barges for shipment on the Illinois River.

• However, the bean basis improved by 5 cents at a Cincinnati, Ohio, elevator.

• For corn, the basis fell by 4 cents at a Cedar Rapids, Iowa, processing plant and by 5 cents at an ethanol facility in Linden, Indiana. But the basis firmed by 3 cents at Davenport, Iowa, on the Mississippi River.

• Farmers have been delivering old-crop corn to elevators as they clear space for what is expected to be a record-large U.S. harvest.

• Ahead of monthly supply/demand reports due from the U.S. Department of Agriculture on Friday, analysts surveyed by Reuters on average expected the government to lower its estimate of the U.S. corn yield to 186.2 bushels per acre, still a record high but down from its August estimate of 188.8.

• Harvesting is under way in a few areas. The USDA late Monday said the corn harvest was 4% complete nationally, ahead of the five-year average of 3%.

• The USDA rated 68% of the U.S. corn crop in good to excellent condition, down one point from a week earlier but the highest for this time of year since 2018.

• Soybean ratings fell to 64% good to excellent, also down one point from a week earlier, while analysts on average had expected a two-point drop.

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-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