US Cash Grains-Corn basis mostly steady-softer

CHICAGO, May 5 (Reuters) - Basis bids for corn were mostly steady to weaker in the U.S. Midwest on Tuesday as recent strength in Chicago Board of Trade corn futures spurred farmer selling, brokers said.

• The corn basis fell by 3 cents a bushel at an ethanol plant in Union City, Indiana, and by 1 cent at a Cincinnati, Ohio, elevator.

• But the basis improved by 7 cents at Davenport, Iowa, where grain is loaded onto barges for shipment on the Mississippi River toward exporters at the U.S. Gulf.

• Some dealers noted an uptick in farmer corn sales on Monday as CBOT July corn CN26 climbed above $4.85 a bushel and new-crop December futures CZ26 closed above $5 a bushel.

• Futures retreated on Tuesday on profit-taking and a setback in crude oil CLc1 futures. MKTS/GLOB

• Soybean basis bids were mostly steady, although the basis strengthened at Davenport, Iowa.

• Planting was progressing quickly. The U.S. Department of Agriculture said the U.S. corn crop was 38% seeded by Sunday, ahead of the five-year average of 34%, and soybean planting was 33% complete, well ahead of the five-year average of 23%.

• As of 10:43 a.m. CDT (1543 GMT), CBOT July corn CN26 was down 8 cents at $4.77-3/4 a bushel and July soybeans SN26 were down 11-3/4 cents at $12.11 a bushel. GRA/

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