US Cash Grains-Corn, soy basis steady-weaker as harvest nears

CHICAGO, Sept 10 (Reuters) - Spot basis bids for corn and soybeans had a weak tone in the U.S. Midwest on Wednesday, softening at several processing sites as handlers prepared for increased grain offerings as the harvest gets rolling in the coming days and weeks.

• The corn basis weakened by 5 cents a bushel at an ethanol plant in Linden, Indiana, and by 4 cents at a corn processor in Blair, Nebraska.

• For soybeans, crushing facilities in Morristown and Lafayette, Indiana, lowered their basis by 5 cents a bushel.

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

• Ahead of updated crop estimates due from the U.S. Department of Agriculture on Friday, analysts surveyed by Reuters on average expect the government to lower its national yield estimates for both soybeans and corn.

• However, the corn crop is still expected to be the largest on record.

• Combines are already rolling in a few areas. The USDA late Monday said the corn harvest was 4% complete nationally and 2% complete in Illinois, the No. 2 corn producer.

• Dry weather will continue for the next five days across much of the South and lower Midwest, the USDA said in a daily weather note, favoring summer crop maturation and fieldwork.

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/

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- CBOT wheat report WHE/C

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- U.S. Midwest cash grain AM GRA/M

- U.S. CIF/FOB Gulf Grain GRA/F