U.S. Cash Grains-Soy bids mostly steady to lower; quiet farmer sales

July 24 (Reuters) – Spot cash basis bids for soybeans were steady to lower at U.S. Midwest processors and elevators on Thursday in quiet trade as Chicago Board of Trade soybean futures traded higher, dealers said.

* Even as CBOT soybean futures rallied farmers checked cash prices but largely remained uninterested in selling the crops, dealers said.

* “You’d think with the rally there would be some sales. But farmers looking to sell new-crop are playing the long game and waiting it out,” a dealer in western Iowa said.

* Some growers placed soybeans in delayed pricing programs earlier this week on hopes CBOT soy futures would continue to rise, dealers said.

* Some processors rolled their soybean bids to the CBOT November contract month, from the August.

* By changing the CBOT contract month to November from August, bids were lowered by about 16 cents per bushel at a Cedar Rapids, Iowa, processor and by more than 30 cents at a Lincoln, Nebraska, processor.

* Spot corn bids were steady to slightly lower.

* Soft red winter wheat bids also held steady as farmers continue to harvest the grain in portions of the eastern Midwest. Harvest has been under way in central Michigan for the past few days and farmers are beginning to deliver the wheat from those fields, a Toledo-based dealer said.

* USDA reported export sales of U.S. wheat in the latest week at 443,200 tonnes for 2014/15, within a range of trade estimates.

* USDA reported export sales of U.S. corn in the latest week at 291,500 tonnes for 2013/14, just below trade estimates, and 1,143,400 tonnes for 2014/15, well above trade expectations.

* USDA reported export sales of U.S. soybeans in the latest week at 226,700 tonnes for 2013/14, in line with estimates, and 2,451,100 tonnes for 2014/15, well above trade expectations.

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

                    CORN                  SOYBEANS           
 CINCINNATI OH         +5  +  Q  UNC       +100   +  Q  UNC
 BURNS HARBOR IN      -14  +  U  UNC        +45   +  Q  UNC
 DECATUR IN           -25  +  U  UNC                         
 DES MOINES IA                              UNQ         UNC
 LINCOLN NE           -20  +  U  UNC                    
                    CORN                  SOYBEANS           
 DECATUR IL           +30  +  U  UNC       +190   +  X  NC
 DECATUR IN                                +125   +  Q  UNC
 MORRISTOWN IN                             +110   +  Q  UNC
 LAFAYETTE IN                              +105   +  Q  UP 15
 CEDAR RAPIDS IA      +10  +  U  UNC       +190   +  X  NC
 COUNCIL BLUFFS IA                          +65   +  Q  DN 15
 LINCOLN NE                                +185   +  X  NC
 BLAIR NE             -11  +  U  DN 1                        
 RIVER TERMINALS                                             
                    CORN                  SOYBEANS           
 TOLEDO OH             -8  +  U  UNC        +72   +  Q  UNC
 SENECA IL            +10  +  U  UNC        +76   +  Q  UNC
 SAVANNA IL            +9  +  U  UNC         +0   +  Q  UNC
 DAVENPORT IA          +8  +  U  DN 4       +25   +  Q  DN 10
 ETHANOL PLANTS                                              
 LINDEN IN             +7  +  U  DN 3                        
 UNION CITY IN         +0  +  U  UNC                         
 ANNAWAN IL           +13  +  U  DN 1                        
 COUNCIL BLUFFS IA    -22  +  U  DN 1                        
 SRW WHEAT                                                   
 TOLEDO OH             +5  +  U  UNC                         
 CINCINNATI OH         +5  +  U  UNC                         
 DECATUR IN            +5  +  U  UP 5                        
 BURNS HARBOR IN       +0  +  U  UNC                         
 NOTES: 0 = Option price, UNC = Unchanged, UNQ = Unquoted, 
 NC = Not comparable, DP = Delayed Price, Q = August,
 U = September  
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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