U.S. Cash Grains-Soy, wheat bids firm; corn steady to weaker

CHICAGO, June 26 (Reuters) – Spot cash basis bids were steady to higher for soybeans and soft red winter (SRW) wheat in the interior of the U.S. Midwest on Thursday, while corn bids softened in a few locations, dealers said.

* Soybean bids firmed by 5 cents at Morristown, Indiana, and Lincoln, Nebraska, following increases earlier this week in Iowa and elsewhere in Indiana, as crushers worked to draw out soybeans amid a dwindling of old-crop supplies.

* The wheat basis firmed by 8 cents at Toledo, Ohio, following steep hikes this week at the U.S. Gulf CIF market where buyers were paying up to find good-quality SRW wheat.

* Late-season rains hurt the quality of the mature SRW wheat crop in parts of the Mississippi River Delta and the southern Midwest, making it tough to find No. 2 grade wheat, merchants said.

* Corn bids edged lower at river terminals, although the corn basis at the U.S. Gulf export terminal was firm early on Thursday. A few dealers have rolled their bids to post against the CBOT September futures contract.

* More rain is headed to saturated areas of Minnesota, Iowa, eastern Nebraska and the eastern Dakotas this weekend, but crop losses are seen as “quite small overall,” the Commodity Weather Group said in a daily note.

* Trade awaiting the U.S. Department of Agriculture’s grain stocks and planting acreage numbers on Monday. Many analysts expect USDA to report that U.S. soy stocks as of June 1 were the smallest in 37 years – reflecting this season’s aggressive crush and export pace.

* As of 10:49 a.m. CDT (1549 GMT), July soybeans were up 13-3/4 cents at $14.29-1/2 a bushel, July corn was up 2-1/2 cents at $4.43-1/2, and CBOT July wheat was up 4 cents at $5.79-1/2.

Basis values are quoted against CBOT futures in cts/bu:
                    CORN                  SOYBEANS           
 CINCINNATI OH        +2   +  N  UNC       +90   +  Q   UNC
 BURNS HARBOR IN     -12   +  N  UNC        -5   +  N   UNC
 DECATUR IN          -15   +  N  UNC                         
 DES MOINES IA                             UNQ          UNC
 LINCOLN NE           -1   +  U  UNC                    
                    CORN                  SOYBEANS           
 DECATUR IL          +20   +  N  UNC       +85   +  Q   UNC
 DECATUR IN                                +90   +  Q   UNC
 MORRISTOWN IN                             +95   +  Q   UP 5
 LAFAYETTE IN                              +85   +  Q   UNC
 CEDAR RAPIDS IA     +22   +  N  UNC       +75   +  Q   UNC
 COUNCIL BLUFFS IA                         +62   +  Q   UNC
 LINCOLN NE                                +65   +  Q   UP 5
 BLAIR NE             +0   +  N  UNC                         
 RIVER TERMINALS                                             
                    CORN                  SOYBEANS           
 TOLEDO OH           -10   +  N  UNC       +75   +  Q   UNC
 SENECA IL            +2   +  N  DN 2      +10   +  N   UNC
 SAVANNA IL           +1   +  N  UNC        +6   +  N   UP 5
 DAVENPORT IA         +5   +  N  DN 1       +6   +  N   UP 3
 ETHANOL PLANTS                                              
 LINDEN IN            +4   +  N  UNC                         
 UNION CITY IN       +10   +  U  UNC                         
 ANNAWAN IL           +7   +  U  NC                          
 COUNCIL BLUFFS IA    -2   +  U  DN 4                        
 SRW WHEAT                                                   
 TOLEDO OH            +8   +  N  UP 8                        
 CINCINNATI OH       -10   +  N  UNC                         
 DECATUR IN          -10   +  N  UNC                         
 BURNS HARBOR IN     -20   +  N  UNC                         
 NOTES: 0 = Option price, UNC = Unchanged, UNQ = Unquoted,
 NC = Not comparable, DP = Delayed Price, N = July, Q = August  
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 Julie Ingwersen; Editing by Paul Simao)

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