US Cash Grains-Corn basis firms at ethanol and processing sites

CHICAGO, May 6 (Reuters) - Basis bids for corn were mostly steady to firmer in the U.S. Midwest on Wednesday, rising at several ethanol facilities and one corn processing site as Chicago Board of Trade corn futures tumbled from recent highs, spot checks showed.

• Farmers have been active sellers of corn in recent days as CBOT July corn CN26 rose, reaching $4.87-1/2 a bushel on Tuesday, its highest since March 9, and new-crop December futures CZ26 climbed above $5 a bushel.

• The drop in futures could discourage additional farmer sales.

• The corn basis improved by 2 to 7 cents a bushel on Wednesday at ethanol plants in Linden, Indiana; Annawan, Illinois; and Council Bluffs, Iowa. The basis firmed by 3 cents at a Cedar Rapids, Iowa, corn processor as well.

• The exception to the firm trend was Seneca, Illinois, where grain is loaded onto barges for shipment on the Illinois River toward Gulf export terminals. The basis for corn and soybeans declined at Seneca.

• Soybean basis bids were mostly unchanged elsewhere.

• On the CBOT, July corn CN26 closed down 11-1/2 cents at $4.68-1/2 a bushel and July soybeans SN26 ended down 16-3/4 cents at $11.94-3/4 a bushel as a drop in crude oil CLc1 prices sparked long liquidation by commodity funds and other speculators. 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