U.S. Cash Grains-Corn bids firm on slow farmer sales; soy weak

Dec 24 (Reuters) - Corn cash basis bids were steady to
higher at U.S. Midwest processors and ethanol plants early on
Tuesday, supported by a slow pace of farmer sales and deliveries
in addition to a downturn in futures, dealers said.
    * Chicago Board of Trade corn futures declined
narrowly and were on pace to snap a three-session streak of
gains. The lower futures kept a lid on the already slow pace of
sales from farmers and commercial elevators.
    * Growers were deferring taxable income to 2014 and hoped to
sell at higher prices in the new year. Strong profit margins for
ethanol makers also supported the basis even as the carry in corn futures encouraged farmers to store their grain. * Soybean bids were steady to weak, pressured by more active farmer sales in recent weeks. Soybean futures remained inverted, encouraging spot sales and farmers, on average, have sold a larger portion of this year's soy harvest than their corn harvest, the dealers said. * Many elevators were closed on Tuesday and will remain shuttered on Wednesday in observance of the Christmas holiday. However, some processors were eager for spot deliveries of corn as some growers delayed delivering the grain amid bitter cold temperatures in much of the Midwest. * U.S. soybean and corn futures were little changed in thin pre-Christmas trading, with the market assessing weather forecasts calling for rain in South America that could alleviate dryness in some corn and soy belts. Basis values quoted against CBOT futures in cents/bushel: CORN SOYBEANS CINCINNATI OH -11 + H UNC -5 + F UNC BURNS HARBOR IN -20 + H UNC -20 + F UNC DECATUR IN -15 + H UNC DES MOINES IA UNQ UNC LINCOLN NE -18 + H UNC PROCESSORS CORN SOYBEANS DECATUR IL +2 + H UP 2 +10 + F UNC DECATUR IN -9 + F UNC
MORRISTOWN IN -2 + F UNC LAFAYETTE IN +5 + F UNC CEDAR RAPIDS IA +15 + H UNC -27 + F UNC COUNCIL BLUFFS IA -30 + F UNC LINCOLN NE -20 + F UNC BLAIR NE +2 + H UNC RIVER TERMINALS CORN SOYBEANS TOLEDO OH -14 + H UNC -5 + F DN 5 SENECA IL -18 + H UNC +7 + F DN 1 SAVANNA IL -1 + H UP 14 +0 + H DN 5 DAVENPORT IA -4 + H UNC -8 + H UNC ETHANOL PLANTS LINDEN IN -8 + H UNC UNION CITY IN +0 + H UNC ANNAWAN IL +4 + H UP 6 COUNCIL BLUFFS IA -8 + H UP 2 SRW WHEAT TOLEDO OH -20 + H UNC CINCINNATI OH -42 + H UNC DECATUR IN -10 + H UNC BURNS HARBOR IN -47 + H UNC NOTES: 0 = Option price, UNC = Unchanged, UNQ = Unquoted, NC = Not comparable, DP = Delayed Price, F = January, H = March --------------------------------------------------------------- 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 Michael Hirtzer in Chicago; Editing by Chris Reese)

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