US Cash Grains-Corn basis steady to up, harvest pace lags expectations

CHICAGO, Oct 19 (Reuters) - Spot basis bids for corn and soybeans were steady to higher at grain elevators and processing facilities on Monday, spot checks showed, as the pace of harvesting lagged behind analysts' expectations.

• The corn basis edged up by 2 cents a bushel at elevators in Council Bluffs, Iowa, and Morris, Illinois.

• A crush plant in Lafayette, Indiana, raised its soybean basis by 10 cents a bushel.

• Farmers' harvests provide fresh supplies to crop handlers.

• The US Department of Agriculture reported that the corn harvest was 44% complete as of Sunday, behind the five-year average of 52%. Analysts expected it to be 49% complete, according to a Reuters poll.

• The soybean harvest was 64% complete, compared to the five-year average of 65%, the USDA said. Analysts expected 66%.

• Scattered rain stalled field work in some areas last week, but harvesting weather has since improved, traders said.

• US corn and soybean futures fell to fresh multi-week lows as funds liquidated long positions amid forecasts for favourable harvesting weather this week.

• US farmers are expected to produce their largest-ever soybean crop this year and their second-largest corn crop.

Basis values are quoted against CBOT futures in cents/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 on:

- 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 AM GRA/M

- US CIF/FOB Gulf Grain GRA/F