US Cash Grains-Soybean basis bids steady to higher on supply squeeze, corn bids steady to weaker

CHICAGO, Sept 25 (Reuters) - Spot basis values for soybeans delivered to elevators and processors around the US Midwest were steady to higher on Friday, as tight oilseed supplies have processors searching for crops, merchandisers said.

• Meanwhile, corn basis bids were steady to weaker.

• Soybean processors in the western US Midwest are offering hefty premiums for immediate deliveries of the oilseed as persistent rains delay the early harvest, tightening supplies and forcing some plants to scale back production, according to interviews with grain merchandisers and publicly reported company data.

• The scramble for soybeans has sent cash prices soaring, creating an unexpected windfall for farmers able to harvest their crops and get them to market, or sell off the last of their old crops.

• A crushing facility in Decatur, Illinois, improved its basis bid by 30 cents to be 20 cents over Chicago Board of Trade November soybean futures for soybeans delivered now.

• CBOT November soybeans settled up 1-1/2 cent at $13.19 per bushel and December corn ended up 3/4-cent at $5.28-1/4 per bushel, as traders continued to wait for details about potential US trade deals stemming from this week's highly anticipated summit with top importer China. GRA/

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 U.S. forward basis spreadsheets, please click on:

- 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 AM GRA/M

- U.S. CIF/FOB Gulf Grain GRA/F