June 30 (Reuters) – Cash corn bids were steady to lower at U.S. Midwest processors and elevators on Monday, while soy bids held mostly steady as calls from farmers halted after the government released bearish crop data, grain merchants said.
* Chicago Board of Trade grain and soy futures tumbled on Monday keeping farmers uninterested in selling crops after the U.S. Agriculture Department forecast a record autumn harvest and larger-than-expected existing supplies.
* U.S. corn futures tumbled about 5 percent for the biggest losses since September and U.S. soybeans plunged to their lowest since Feb. 24 on Monday, pressured by U.S. government reports. [ID: nL2N0PB150]
* Spot corn basis bids fell by 1 to 5 cents per bushel at some processors, elevators and rail locations.
* USDA said the corn crop was rated 75 percent good to excellent as of June 29, up 1 percentage point from a week earlier. Soybean ratings held steady at 72 percent good to excellent, unchanged from last week and the best late June readings for the crop since 1994.
* Weekend storms brought more rain to saturated corn and soybean fields in the northwest Corn Belt, including northern Iowa and southern Minnesota, but those areas should dry out later this week, an agricultural meteorologist said early on Monday.
* Rising flood waters were expected to make 11 locks and dams impassable on the upper Mississippi River, forcing the closure of the river later on Monday from Bellevue, Iowa, to Saverton, Missouri, the U.S. Army Corps of Engineers said.
* Some processors and elevators will discount wet crops and have placed a 25 percent maximum on moisture levels.
* Several elevators and processors will be closed on Friday in observance of the U.S. July 4th holiday.
Basis values are quoted against CBOT futures in cts/bu: Current Previous Bid BidChicago, Illinois Corn processors +15 + U +18 + U DN 3 Corn elevators +0 + N +0 + N UNC Soybean elevators +4 + N +4 + N UNC Wheat elevators -5 + N -5 + N UNC Wheat processors -10 + N -10 + N UNC Decatur IL corn +20 + U +20 + U UNC Decatur IL +10 + Q +95 + Q UP 5 soybeans 0 Burns Harbor IN -12 + N -12 + N UNC corn Burns Harbor IN -5 + N -5 + N UNC soy Lafayette IN soy +85 + Q +85 + Q UNC Toledo OH (port) Corn -7 + U -7 + U UNC Soy +70 + Q +70 + Q UNC SRW wheat +8 + N +8 + N UNC Davenport IA (river) Corn -1 + N +1 + N DN 2 Soy +3 + N +4 + N DN 1 Evansville IN (rail) 15-car CSX corn +9 + N +10 + N DN 1 Cincinnati OH (rail) 3-car corn +0 + N +5 + N DN 5 Hereford TX corn +97 + U +97 + U UNC Columbus OH (rail) 3-car corn +0 + N +3 + N DN 3 Morris IL (river) Corn +0 + N +0 + N UNC Soybeans +10 + N +10 + N UNC Fort Worth TX +85 + U +85 + U UNC corn Blair NE corn -2 + U +0 + U DN 2 Council Bluffs, IA (elevator) Corn -8 + N -6 + N DN 2 Soy +55 + Q +55 + Q UNC Des Moines IA soy UNQ UNQ UNC Sioux City IA soy +65 + Q +65 + Q UNC NOTE: 0 = option price, UNC = Unchanged, UNQ = Unquoted, NC = Not comparable, DP = Delayed Price, N = July, Q = August, U = September ---------------------------------------------------------------- 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 Bernard Orr)