US Cash Grains-Corn basis steady-firm on slow farmer sales, soy bids mostly flat

CHICAGO, Jan 16 (Reuters) - Spot basis bids for corn delivered to U.S. Midwest processors and elevators were mostly steady or higher on Friday after a steep drop in futures prices at the beginning of the week diminished farmer selling interest, traders said.

• Spot soybean basis bids were mostly unchanged.

• Chicago Board of Trade corn futures Cv1 are poised for their steepest weekly decline in about six months after the U.S. Department of Agriculture on Monday estimated the harvest well above expectations. Farmers were reluctant to book new grain sales to elevators and processing plants until prices rebounded.

• Corn processors in Cedar Rapids, Iowa, and Blair, Nebraska, each raised their spot basis bids by 3 cents a bushel. The spot basis at ethanol plant in Linden, Indiana, rose by 2 cents a bushel.

Basis values are quoted against CBOT futures in cts/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