U.S. Cash Grains-Soy basis steady-mixed as wet weather delays harvest

Oct 13 (Reuters) – Cash basis bids for soybeans were steady to narrowly mixed around the U.S. Midwest on Monday as some farmers sold soy crop as harvest pace slowed due to rain showers and damp conditions, grain merchants said.

* Chicago Board of Trade soybean futures jumped 2.7 percent on Monday, gaining back most of their steep losses during the previous session on support from technical buying and rain delays to a record U.S. harvest, traders said.

* The higher futures encouraged some farmers in northern Ohio where a grain merchant noted a mixture of light soy sales comprised of new contracts, delayed pricing contracts and farmer deliveries to fulfill previous contracts.

* Scattered rain showers interrupted harvest activity and stalled soybean movement in the southern parts of the region, dealers said. Even in areas where no rain fell, weather conditions pointed to a “threat of rain” which kept farmers out of combines, an Illinois grain merchant said.

* The spot corn basis bids were steady to higher, rising by 3 to 8 cents a bushel at some Midwest processors.

* U.S. corn futures rose 3.6 percent on Monday, the second-biggest single-day jump of 2014, as rains in the Midwest interrupted the harvest and slowed the arrival of a record large crop into marketing channels, traders said.

* Weekly crop progress reports were delayed until Tuesday due to Columbus Day, a U.S. government holiday on Monday.

Basis values are quoted against CBOT futures in cts/bu:

                      Current         Previous         
                        Bid             Bid            
 Chicago                                               
 Corn processors      +0     +  Z           +3   +  Z  DN 3
 Corn elevators      -30     +  Z          -30   +  Z  UNC
 Soybean elevators    +0     +  X           +0   +  X  UNC
 Wheat elevators     -15     +  Z          -15   +  Z  UNC
 Wheat processors    +15     +  Z          +15   +  Z  UNC
 Decatur, IL corn    -20     +  Z          -28   +  Z  UP 8
 soybeans             +5     +  X           +5   +  X  UNC
 Burns Harbor, IN    -35     +  Z          -35   +  Z  UNC
 corn                                                  
 soy                 -15     +  X          -15   +  X  UNC
	
Lafayette, IN soy -25 + X -25 + X UNC Toledo, OH (port) Corn -14 + Z -14 + Z UNC Soy -9 + X -9 + X UNC SRW wheat +7 + Z +7 + Z UNC Davenport, IA (river) Corn -40 + Z -40 + Z UNC Soy -25 + X -31 + X UP 6 Evansville, IN (rail) 15-car CSX corn -10 + Z -10 + Z UNC Cincinnati, OH (rail) 3-car corn -12 + Z -12 + Z UNC Hereford, TX corn +12 + Z +120 + Z UNC 0 Columbus, OH (rail) 3-car corn -18 + Z -18 + Z UNC Morris, IL (river) Corn -45 + Z -45 + Z UNC Soybeans -10 + X -10 + X UNC Fort Worth, TX +12 + Z +120 + Z UNC corn 0 Blair, NE corn -5 + Z -10 + Z UP 5 Council Bluffs, IA (elevator) Corn -41 + Z -44 + Z UP 3 Soy -55 + X -55 + X UNC Des Moines, IA soy UNQ UNQ UNC Sioux City, IA soy -55 + X -50 + X DN 5 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 Meredith Davis in Chicago; editing by Matthew Lewis)

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