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U.S. Cash Grains-Corn, soy bids weak as demand ebbs; sales light

Dec 11 (Reuters) - Corn and soybean cash basis bids were
steady to lower across the U.S. Midwest on Wednesday as some
grain buyers reduced their basis following increased farmer
sales in recent days, dealers said.
    * There was little farmer or commercial selling of corn or
soybeans as Chicago Board of Trade futures for the crops posted
modest gains but stayed in their recent trading ranges, failing
to spur country movement.
    * Reduced demand for soymeal amid surging futures for the
animal feed also weighed on the soy basis at some processing
	
plants while ethanol profit margins eased from near-record highs. * Soy bids declined by five cents per bushel at a closely monitored crush plant in Decatur, Illinois, while corn bids had a weak tone at eastern Midwest rail terminals. * Many growers are stowing away a majority of this year's harvest in the hopes of selling next year at higher prices. But grain merchants are unwilling to boost bids beyond already historically high levels for this time of year, confident the growers eventually will have to sell what was a record-large corn harvest and one of the largest soy crops ever. Basis values are quoted against CBOT futures in cts/bu: Current Previous Bid Bid Chicago, Illinois Corn processors +5 + H +5 + H UNC Corn elevators -5 + H -5 + H UNC Soybean elevators +5 + F +5 + F UNC Wheat elevators -5 + H -5 + H UNC Wheat processors -10 + H -10 + H UNC Decatur IL corn +0 + H +0 + H UNC Decatur IL soybeans +15 + F +20 + F DN 5 Burns Harbor IN corn -25 + H -25 + H UNC Burns Harbor IN soy -20 + F -20 + F UNC Lafayette IN soy +5 + F +5 + F UNC Toledo OH (port) Corn -15 + H -17 + H UP 2 Soy +5 + F +5 + F UNC
SRW wheat -14 + H -14 + H UNC Davenport IA (river) Corn -4 + H -4 + H UNC Soy -11 + H -11 + H UNC Evansville IN (rail) 15-car CSX corn +5 + H +8 + H DN 3 Cincinnati OH (rail) 3-car corn -3 + H -1 + H DN 2 Hereford TX corn +94 + H +94 + H UNC Columbus OH (rail) 3-car corn -3 + H -1 + H DN 2 Morris IL (river) Corn -15 + H -15 + H UNC Soybeans +11 + F +14 + F DN 3 Fort Worth TX corn +122 + H +122 + H UNC Blair NE corn +4 + H +4 + H UNC Council Bluffs, IA (elevator) Corn -5 + H -5 + H UNC Soy -27 + F -23 + F DN 4 Des Moines IA soy UNQ UNQ UNC Sioux City IA soy -30 + F -30 + F UNC NOTE: 0 = option price, UNC = Unchanged, UNQ = Unquoted, NC = Not comparable, DP = Delayed Price, Z = December, 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 Richard Chang and Diane Craft)

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