U.S. Cash Grains-Corn basis bids steady/up; weather stalls planting

May 21 (Reuters) – Corn spot basis bids were mostly steady to higher at elevators, processors and ethanol plants around the U.S. Midwest in quiet trade early on Wednesday, dealers said.

* An eastern Iowa processor and an western Iowa ethanol plant increased corn bids in an effort to entice farmers to sell, dealers at the location said.

* A soybean spot basis bid rose by 8 cents per bushel at a eastern Iowa processor as available crushing supplies were constrained, a dealer said. Otherwise, soy bids at elevators and processors held steady.

* Soybean bids on Midwest river ways were narrowly mixed, dealers said.

* Some farmers sold old-crop soybeans on Tuesday in a Chicago Board of Trade soybean futures rally. But new-crop sales were slow as farmers had a target price of about $12.30 per bushel for new-crop soybeans, a dealer said.

* Scattered severe thunderstorms were predicted for southern portions of the Midwest on Wednesday after some northern areas saw storms overnight, according to the National Weather Service.

* Wet field conditions kept farmers from planting early on Wednesday in the Eastern Corn Belt. Many fields in the Western Corn Belt were also too wet for farmers to resume planting, dealers said.

* Dealers in western Indiana noted brisk truck deliveries of previously contracted grain as farmers took time to coordinate grain shipments since they were unable to plant, a dealer said.

Basis values are quoted against CBOT futures in cts/bu:
                     CORN                 SOYBEANS          
 CINCINNATI OH        -10  +  N  UNC      +40     +  N  UNC
 BURNS HARBOR IN      -15  +  N  UNC      +30     +  N  UNC
 DECATUR IN           -20  +  N  UNC                        
 DES MOINES IA                            UNQ           UNC
 LINCOLN NE           -19  +  N  UNC                    
                     CORN                 SOYBEANS          
 DECATUR IL           +14  +  N  UNC      +45     +  N  UNC
DECATUR IN +65 + N UNC MORRISTOWN IN +55 + N UNC LAFAYETTE IN +60 + N UNC CEDAR RAPIDS IA +16 + N UP 6 +25 + N UP 8 COUNCIL BLUFFS IA +20 + N UNC LINCOLN NE +5 + N UNC BLAIR NE -7 + N UNC RIVER TERMINALS CORN SOYBEANS TOLEDO OH -17 + N UNC +30 + N UNC SENECA IL -2 + N DN 1 +13 + N DN 2 SAVANNA IL -5 + N UNC +11 + N UNC DAVENPORT IA +0 + N UNC +13 + N UP 1 ETHANOL PLANTS LINDEN IN -5 + N UNC UNION CITY IN -2 + N UNC ANNAWAN IL +3 + N UNC COUNCIL BLUFFS IA -5 + N UP 5 SRW WHEAT TOLEDO OH -8 + N UNC CINCINNATI OH -10 + N UNC DECATUR IN -15 + N UNC BURNS HARBOR IN -20 + N UNC NOTES: 0 = Option price, UNC = Unchanged, UNQ = Unquoted, NC = Not comparable, DP = Delayed Price, N = July --------------------------------------------------------------- LINKS: For U.S. forward basis spreadsheets, please double-click on: - CBOT corn report - CBOT soybean report - CBOT wheat report - U.S. grain barge freight values - U.S. Midwest cash grain PM - U.S. CIF Gulf Grain - U.S. FOB Gulf Grain (Reporting by Meredith Davis in Chicago; Editing by Paul Simao)

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