Corn basis weakens at rivers, processors

Spot basis bids for corn were steady to weaker in the U.S. Midwest on Friday, falling at river elevators that load barges to shipment to exporters at the Gulf, as well as at Blair, Nebraska, site of a large corn processing facility.

* Soybean basis bids were steady to weaker, the basis easing by 5 cents at Davenport, Iowa, on the Mississippi River.

* Grain traders said cash corn markets remained firm overall despite the declines in basis bids this week. The Chicago Board of Trade nearby July (CN3) futures contract continues to trade at a hefty premium to back months, typically a reflection of strong cash markets and brisk demand for the grain.

* Grain buyers have been rolling their basis to the Chicago Board of Trade August futures (SQ3) contract for soybeans and the CBOT September contract (CU3) for corn as the July futures contracts (SN3), (CN3) approach their delivery phase.

* Traders largely shrugged off monthly supply and demand data released Friday by the U.S. Department of Agriculture but said they will continue monitoring Midwest crop weather amid concerns about dryness hurting recently planted corn and soybeans.

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

NOTE: 0 = option price, UNC = Unchanged, UNQ = Unquoted,

NC =Not comparable, DP = Delayed Price, N/A = Not available,

F = January, H = March, K = May, N = July, Q = August, U = September, X = November, Z = December

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LINKS: (0#USCSHGRN-AM)

For U.S. forward basis spreadsheets, please click on:

(CORN/BASIS), (SOYA/BASIS), (WHEAT/BASIS), (MILO/BASIS)

- CBOT corn report

- CBOT soybean report

- CBOT wheat report

- U.S. grain barge freight values

- U.S. Midwest cash grain AM

- U.S. CIF/FOB Gulf Grain