US Cash Grains-Soybean basis steady-firm, corn bids mixed

CHICAGO, Sept 15 (Reuters) - Spot cash basis bids for soybeans were mostly steady at U.S. Midwest elevators on Tuesday and mostly steady to higher at processing plants as some crushers needed immediate supplies as the fall harvest has not yet started in many areas.

• Spot corn basis bids were narrowly mixed as recent farmer sales replenished immediate supplies in many areas while grain merchants waited for newly harvested supplies to arrive in the coming weeks.

• The U.S. Department of Agriculture said that 8% of the U.S. corn harvest and 6% of the soybean harvest were completed as of Sunday, slightly ahead of the average pace.

• 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.

• Demand has been particularly strong at soy crush plants, where processing margins remained robust. The National Oilseed Processors Association said the U.S. crush in August dropped to an 11-month low of 205.456 million bushels, although it was by far the largest August crush on record.

• CBOT November soybeans were up 10 cents near midday on Tuesday at $13.14-1/4 a bushel, while December corn was down 1/4 cent at $5.33 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