US Cash Grains-Corn basis flat-down, stocks set December 1 record

CHICAGO, Jan 12 (Reuters) - Basis bids for corn were steady to slightly weaker at grain elevators and processors in the U.S. Midwest on Monday.

• Farmers were expected to keep their crops in storage following a steep setback in prices, a trader said.

• Futures sank after the U.S. Department of Agriculture said in a quarterly report that U.S. corn stocks as of December 1 reached a record high. The agency said separately that last year's record-large harvest exceeded its previous estimate.

• "For corn, soybeans, and wheat, most every figure came in above pre-report expectations, disappointing market bulls and likely taking grain flow down to a trickle across the country," Consus Ag said in a note.

• The corn basis eased by 1 cent per bushel at a processor near Chicago and by 2 cents at a river terminal near Morris, Illinois.

• The soy basis was mostly steady.

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