US Cash Grains-Corn, soybean basis bids slip as futures rally

CHICAGO, May 11 (Reuters) - Basis bids for corn and soybeans were mostly steady to lower at U.S. Midwest elevators, processors and ethanol plants on Monday as futures rose alongside crude oil after talks to end the Iran war stalled.

• The corn basis weakened at an ethanol plant in Annawan, Illinois and a processor in Cedar Rapids, Iowa.

• The soybean basis fell at a processor in Morristown, Indiana and an elevator in the Cincinnati, Ohio area.

• Corn and soybean planting continues in the U.S. Midwest this week.

• Analysts polled by Reuters on average expect the USDA on Monday to report U.S. corn planting progress as 55% complete by May 10, up from 38% a week earlier.

• The analysts polled expect the soybean crop to be 48% seeded, up from 33% last week.

• Showers in the region in the 16-30 day period are expected to be beneficial for the early development of the corn and soybean crop, according to Commodity Weather Group.

• On the CBOT as of 12:22 p.m. CDT (1722 GMT), July corn CN26 was up 3-1/2 cents at $4.74-3/4 a bushel and July soybeans SN26 were up 5-3/4 cents at $12.13-3/4 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