Aug 18 (Reuters) – Spot corn basis bids were steady to higher around the U.S. Midwest on Monday as farmers initially sold light amounts of the grain, but cash market sales tapered off as corn futures fell, dealers said.
* Chicago Board of Trade corn futures settled more than 1 percent lower, pressured by favorable crop weather and trader profit-taking.
* A few farmers booked deferred months new-crop sales, but trade grew quiet as U.S. corn futures turned lower, an Ohio grain merchant said.
* Corn bids rose in portions of the Western Corn Belt. A corn bid increased by 2 cents per bushel at a processor in Blair, Nebraska, and by 4 cents per bushel at an elevator in Council Bluffs, Iowa.
* A bid for corn shipped by barge also increased slightly, by 1 cent per bushel, at an Iowa terminal on the Mississippi River.
* Soy basis bids continued to be supported by tight supplies of available old-crop soybeans at a time when processors need crushing supplies ahead of the upcoming harvest, dealers said.
* A western Iowa processor raised its bid by as much as 20 cents per bushel in an effort to entice farmers to sell any remaining old-crop supplies, dealers said.
* The U.S. Department of Agriculture released its weekly crop progress and conditions report Monday afternoon. For the week ended Aug. 17 corn was rated 72 percent good to excellent, compared with 73 percent in the previous week and 61 percent a year ago.
* The government data showed soybeans rated 71 percent good to excellent in the week ended Aug. 17, compared with 70 percent in the previous week, and 62 percent a year ago.
Basis values are quoted against CBOT futures in cts/bu: Current Previous Bid Bid Chicago, Illinois Corn processors +20 + U +20 + U UNC Corn elevators +0 + U +0 + U UNC Soybean elevators +175 + X +175 + X UNC Wheat elevators -5 + U -5 + U UNCWheat processors -10 + U -10 + U UNC Decatur IL corn +30 + U +30 + U UNC Decatur IL soybeans +225 + X +225 + X UNC Burns Harbor IN corn -8 + U -8 + U UNC Burns Harbor IN soy +175 + X +175 + X UNC Lafayette IN soy +245 + X +245 + X UNC Toledo OH (port) Corn -3 + U -3 + U UNC Soy +170 + X +170 + X UNC SRW wheat +15 + U +15 + U UNC Davenport IA (river) Corn +5 + U +4 + U UP 1 Soy +110 + X +105 + X UP 5 Evansville IN (rail) 15-car CSX corn +12 + U +12 + U UNC Cincinnati OH (rail) 3-car corn -3 + U -3 + U UNC Hereford TX corn +106 + U +106 + U UNC Columbus OH (rail) 3-car corn +10 + U +10 + U UNC Morris IL (river) Corn +12 + U +12 + U UNC Soybeans +210 + X +210 + X UNC Fort Worth TX corn +110 + U +110 + U UNC Blair NE corn -1 + U -3 + U UP 2 Council Bluffs, IA (elevator) Corn -4 + U -8 + U UP 4 Soy +100 + X +100 + X UNC Des Moines IA soy UNQ UNQ UNC Sioux City IA soy +195 + X +175 + X UP 20 NOTE: 0 = option price, UNC = Unchanged, UNQ = Unquoted, NC = Not comparable, DP = Delayed Price, U = September, X = November ---------------------------------------------------------------- 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 Chris Reese and Dan Grebler)