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U.S. Cash Grains-Corn bids steady to weak after big sales

Nov 7 (Reuters) - Corn spot basis bids were steady to lower
around the U.S. Midwest on Thursday following a spike in farmer
sales ahead of a major crop report due on Friday that is
expected to lift estimates for the crop, grain merchants said.
    * Analysts widely expect the U.S. Agriculture Department to
increase estimates on both the U.S. corn and soybean harvests in
a monthly report. The chance that prices could decline in the
wake of the report led some farmers to increase commodity sales.
    * Farmers sold much larger volumes of corn than soybeans on
	
Thursday, with the increases weighing on the basis. * Corn bids eased 3 cents per bushel at a processor in Decatur, Illinois, and also fell along the Mississippi River. * Higher barge freight costs also weighed down the river bids, but a slow pace of farmer sales combined with good export demand capped declines in the basis. * Additionally, rain delays to the harvest this week helped limit losses in the corn and soybean basis, the dealers said. * Rain at mid-week slowed harvesting of the U.S. corn and soybean crops, but an agricultural meteorologist said on Thursday the weather will turn better soon. Basis values are quoted against CBOT futures in cts/bu: Current Previous Bid Bid Chicago, Illinois Corn processors +10 + Z +10 + Z UNC Corn elevators -5 + Z -5 + Z UNC Soybean elevators +0 + X +0 + X UNC Wheat elevators +0 + Z +0 + Z UNC Wheat processors -10 + Z -10 + Z UNC Decatur IL corn +12 + Z +15 + Z DN 3 Decatur IL soybeans +15 + F +15 + F UNC Burns Harbor IN corn -27 + Z -27 + Z UNC Burns Harbor IN soy -6 + F -6 + F UNC Lafayette IN soy +7 + F +7 + F UNC Toledo OH (port) Corn -22 + Z -22 + Z UNC Soy +21 + F +10 + X NC
SRW wheat -13 + Z -13 + Z UNC Davenport IA (river) Corn -4 + Z -2 + Z DN 2 Soy +6 + F +8 + F DN 2 Evansville IN (rail) 15-car CSX corn +2 + Z +2 + Z UNC Cincinnati OH (rail) 3-car corn -11 + Z -11 + Z UNC Hereford TX corn +110 + Z +110 + Z UNC Columbus OH (rail) 3-car corn -11 + Z -11 + Z UNC Morris IL (river) Corn -12 + Z -13 + Z UP 1 Soybeans +7 + F +0 + F UP 7 Fort Worth TX corn +135 + Z +135 + Z UNC Blair NE corn +5 + Z +5 + Z UNC Council Bluffs, IA (elevator) Corn -5 + Z -5 + Z UNC Soy -17 + F -20 + F UP 3 Des Moines IA soy -5 + X -5 + X UNC Sioux City IA soy -20 + F -20 + F UNC NOTE: 0 = option price, UNC = Unchanged, UNQ = Unquoted, NC = Not comparable, DP = Delayed Price, X = November, Z = December --------------------------------------------------------------- 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 Andre Grenon)

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