U.S. Cash Grains-Soybean basis bids steady; light soy sales

May 20 (Reuters) – Soybean spot basis bids were mostly steady at elevators and processors in the U.S. Midwest early on Tuesday as some farmers sold old-crop supplies, grain merchants said.

* Soybean futures rallied on Monday and were higher again on Tuesday, which enticed some farmers to sell the remainder of soybeans stored in on-farm bins, a dealer in Council Bluffs, Iowa, said.

* Farmers in western Indiana also took advantage of the higher market by selling old-crop beans. Farmers also made arrangements to store soybean supplies at commercial elevators to sell later, a grain merchant said.

* A dealer said farmers had a target price of $12.30 per bushel for new crop soybeans.

* Corn bids were mostly steady at processors and elevators, but were mixed at river terminals and ethanol plants.

* Even though temperatures rose in large portions of the region, many fields in the Eastern Corn Belt were still too wet for farmers to resume planting.

* In the Western Corn Belt, planting was steady, but some frost damage to emerging corn may cause farmers to replant, a dealer in western Iowa said.

* Weather forecasts predicted rain and scattered thunderstorms for portions of the Corn Belt on Wednesday, according to the National Weather Service.

* According to USDA data released late on Monday, farmers had planted 73 percent of their corn acreage as of May 18, up from 59 percent last week. The five-year average for this time of year is 76 percent.

* Soybean planting was 33 percent complete, compared with the five-year average of 38 percent, the USDA planting progress data showed.

Basis values are quoted against CBOT futures in cts/bu:
                    CORN                   SOYBEANS           
 CINCINNATI OH         -10  +  N  UNC      +40      +  N  UNC
 BURNS HARBOR IN       -15  +  N  UNC      +30      +  N  UNC
DECATUR IN -20 + N UNC DES MOINES IA UNQ UNC LINCOLN NE -19 + N UNC PROCESSORS CORN SOYBEANS DECATUR IL +14 + N UNC +45 + N UNC DECATUR IN +65 + N UNC MORRISTOWN IN +55 + N UNC LAFAYETTE IN +60 + N UP 5 CEDAR RAPIDS IA +10 + N UNC +17 + N UNC COUNCIL BLUFFS IA +20 + N UNC LINCOLN NE +5 + N UNC BLAIR NE -7 + N UP 1 RIVER TERMINALS CORN SOYBEANS TOLEDO OH -17 + N UP 2 +30 + N UNC SENECA IL -1 + N DN 1 +15 + N UP 3 SAVANNA IL -5 + N UNC +11 + N UP 1 DAVENPORT IA +0 + N UNC +12 + N DN 1 ETHANOL PLANTS LINDEN IN -5 + N UNC UNION CITY IN -2 + N DN 2 ANNAWAN IL +3 + N UP 3 COUNCIL BLUFFS IA -10 + N UP 2 SRW WHEAT TOLEDO OH -8 + N UNC CINCINNATI OH -10 + N UNC DECATUR IN -15 + N UNC BURNS HARBOR IN -20 + N UNC NOTES: 0 = Option price, UNC = Unchanged, UNQ = Unquoted, NC = Not comparable, DP = Delayed Price, N = July --------------------------------------------------------------- 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 Peter Galloway)

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