US Cash Grains-Corn processor basis bids steady-higher as futures retreat

CHICAGO, Sept 16 (Reuters) - Spot cash basis bids for corn delivered to U.S. Midwest ethanol plants and other processors were steady to higher on Wednesday on slow grain movement and lower futures prices, while bids at interior and river elevators were mixed.

• Spot soybean basis values were mixed at elevators and crush plants as some buyers boosted bids to attract fresh supplies while others dropped bids in anticipation of greater supplies of newly harvested beans in the coming weeks.

• Several elevators and processors are offering sizable premiums to farmers for corn and soybeans delivered in the next week or two. But basis values are much weaker beginning in late September and October, when newly harvested grain is expected to be flooding the market.

• Rainy weather across the heart of the Midwest farm belt this week delayed the start of harvesting in parts of Iowa, Illinois and other states. Forecasters expect waves of rain through next week.

• CBOT November soybeans were down 4-1/4 cents near midday on Wednesday at $13.14-1/2 a bushel, while December corn was down 6-1/4 cents at $5.29-1/2 a bushel.

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 U.S. forward basis spreadsheets, please click:

- 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