US Cash Grains-Corn, soy basis mostly steady-weaker; weekend storm eyed

CHICAGO, Jan 3 (Reuters) - Spot basis bids for corn softened at grain elevators along U.S. Midwest rivers on Friday but held steady elsewhere following a flurry of farmer grain sales in recent days as Chicago Board of Trade corn futures Cv1 hovered near six-month highs.

* The spot basis for corn fell by 7 cents a bushel at Davenport, Iowa, on the Mississippi River, and by 1 cent at Seneca, Illinois, on the Illinois River.

* The basis was unchanged at corn processing sites, spot checks showed.

* A winter storm expected in the southern Midwest this weekend could bring up to 11 inches (28 centimeters) of ice and snow to the St. Louis area, the National Weather Service said, potentially slowing grain movement on Midwest rivers and roads.

* Soybean basis bids were mostly steady to weaker. The bean basis fell by 5 cents at a soy crushing facility in Council Bluffs, Iowa, and by 2 cents at Seneca, Illinois.

* The soybean basis improved by 3 cents at a Cincinnati, Ohio, terminal.

* Most locations have rolled their soybean basis to the CBOT March soybean contract SH25 as the January futures contract SF25 nears its Jan. 14 expiration.

* The U.S. Department of Agriculture on Thursday reported that U.S. soy processors crushed 210.0 million bushels of soybeans in November, down from the all-time high of 215.8 million bushels in October but still the second-highest monthly crush on record.

* On the CBOT, corn futures were down about 1.7% by mid-session on Friday on profit-taking a day after the benchmark March contract CH25 reached a six-month high. Soybean futures slipped about 2% and soymeal futures SMH25 fell 3% in a retreat from multi-month highs. GRA/

* The USDA's weekly U.S. export sales totals for corn, soybeans and wheat in the week ended Dec. 26 fell below trade expectations.

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-PM

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

CORN/BASIS, SOYA/BASIS, WHEAT/BASIS, MILO/BASIS

- CBOT corn report COR/

- CBOT soybean report SOY/C

- CBOT wheat report WHE/C

- U.S. grain barge freight values BG/US

- U.S. Midwest cash grain PM GRA/PM

- U.S. CIF/FOB Gulf Grain GRA/F

(Reporting by Julie Ingwersen; Editing by Jan Harvey)

((Julie.ingwersen@thomsonreuters.com; 1-313-484-5283; Reuters Messaging: julie.ingwersen.thomsonreuters.com@reuters.net))