US Cash Grains-Soy, corn basis mostly steady to firmer as harvest winds down

CHICAGO, Oct 28 (Reuters) - Basis bids for soybeans and corn were mostly steady to stronger in the US Midwest on Wednesday as the harvest wound down in some areas, prompting some grain handlers to sweeten their bids to source fresh supplies.

• The US soybean harvest was 79% complete and corn was 60% complete as of Sunday, the US Department of Agriculture reported, and progress was farther along in many areas, merchandisers said.

• "The soybean harvest will be banging on the door of completion before long. Anywhere that's the case, basis is likely to improve as originators try to get their hands on remaining bushels," AgMarket co-founder Matt Bennett said in a client note.

• The soybean basis strengthened by 15 cents a bushel at a Cedar Rapids, Iowa, crushing plant and by 5 cents at a Decatur, Indiana, crusher.

• The bean basis firmed by a penny at Seneca, Illinois, on the Illinois River, but fell by 5 cents at a Cincinnati, Ohio, terminal elevator.

• For corn, the basis firmed by 5 cents a bushel late on Tuesday at Decatur, Illinois, a grain processing hub, and by 7 cents at a Blair, Nebraska, processor. The corn basis also improved at two Midwest river elevators.

• Among ethanol plants, the corn basis improved by 5 cents at sites in Annawan, Illinois, and Linden, Indiana, but fell by 7 cents at Union City, Indiana.

• The US Energy Information Administration reported weekly production of corn-based ethanol in the week to October 23 at 1.118 million barrels per day, up 24,000 bpd from the previous week, while ethanol stocks fell modestly to 24.523 million barrels. EIA/S

• A downtrend in Chicago Board of Trade corn and soybean futures this month has cooled farmer selling. At the CBOT at midday on Wednesday, December corn was up 3 cents at $4.51-3/4 a bushel after falling to $4.48-1/2 a day earlier, its lowest price since mid-July.

• CBOT November soybeans were up 1-1/2 cents at $12.30-3/4 a bushel, consolidating above Monday's two-month low of $12.27-1/2. 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:

For US forward basis spreadsheets, please click:

- CBOT corn report COR/

- CBOT soybean report SOY/C

- CBOT wheat report WHE/C

- US grain barge freight values BG/US

- US Midwest cash grain PM GRA/PM

- US CIF/FOB Gulf Grain GRA/F