US Cash Grains-Soy, corn basis steady-firmer as CBOT futures turn higher

CHICAGO, March 19 (Reuters) - Cash basis bids for corn and soybeans were steady to firmer in the U.S. Midwest on Thursday, as grain futures continued to rise and reflecting demand from grain handlers in some areas, dealers said.

• Farmers began selling some of their stored grain supplies as prices have improved after the recent sharp slump in Chicago Board of Trade corn and soybean futures, dealers said.

• One grain merchant said that instead of selling old-crop grain in their bins in the spot market, some farmers are instead looking to lock in forward contracts for new-crop corn sales for next year, as March 2027 corn futures CH27 on Thursday rallied above $5.00 per bushel.

• The corn basis improved by 2 cents a bushel at a Cincinnati, Ohio, grain elevator, firmed 2 cents at a river terminal in Seneca, Illinois, and improved 3 cents at a river terminal near Davenport, Iowa, amid trader expectations for improving demand from biofuels producers. GRA/

• On the CBOT, both corn Cv1 and soybean futures Sv1 firmed, as rising crude oil prices CLc1 boosted the market. Benchmark Brent oil prices jumped above $119 a barrel on Thursday after Iran attacked energy facilities across the Middle East following Israel's strike on its South Pars gas field, a major escalation in the war.

• The U.S. Department of Agriculture reported net weekly U.S. corn export sales for 2025/26 for the week ended on March 12 at 1,183,816 metric tons, within the range of analyst estimates.

• USDA also reported net weekly U.S. soybean export sales for 2025/26 for the week ended on March 12 at 304,808 metric tons, below analyst estimates - a five-week low, as U.S. soybean exports are more expensive now than rival South American supplies.

• The U.S. Energy Information Administration said weekly production of corn-based ethanol fell in the week ended March 13 to 1.093 million barrels per day, a six-week low. Weekly U.S. ethanol stockpiles rose to 26.407 million barrels, up 827,000 from the prior week. EIA/S

• A dust explosion at Cargill's corn milling plant north of Wahpeton, N.D. on Wednesday is currently under investigation by county emergency officials, according to media reports. In a statement, a Cargill spokeswoman said one person had a minor injury due to the explosion but is now okay. Cargill also said the plant had minor damage and the mill is slated to open on Thursday.

• An ethanol plant in Council Bluffs, Iowa, said it was closed on Thursday morning and not taking deliveries of grain.

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