US Cash Grains-Soybean basis steady-higher as futures dip, corn bids mixed

CHICAGO, April 28 (Reuters) - Spot basis bids for soybeans delivered to U.S. Midwest elevators and processing plants were steady to higher on Tuesday on firm demand and lower futures prices, crop merchants said.

• Spot corn basis bids were mixed at elevators, ethanol plants and other processors around the Midwest.

• More grain merchants rolled their spot basis bids to the Chicago Board of Trade July contracts from May on Tuesday. At several soy processing plants, the roll resulted in higher cash bids.

• A large soybean processor in Decatur, Illinois, rolled its spot basis bid to 20 cents a bushel above July futures, from Monday's bid of 28 cents over May futures. The move lifted the cash bid by about 7 cents a bushel. Similar moves lifted cash bids by about 5 cents at two Indiana crush plants.

• Farmers largely remain focused on spring planting field work instead of on marketing grain. Futures prices are below recent highs and many growers are waiting for prices to rise further before selling more of their crops, merchants said.

• Rainy weather has slowed field work this week, but the planting pace has been ahead of the normal pace.

• The USDA said corn planting was 25% complete by Sunday, ahead of the average analyst estimate of 23% and the five-year average pace of 19%. Soybean planting was 23% complete as of Sunday, ahead of the average trade estimate of 22% and the five-year average of 12%.

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