US Cash Grains-Corn, soy basis rise as farmer selling halts

CHICAGO, April 10 (Reuters) - Spot basis bids for corn and soybeans were steady to higher in the U.S. Midwest on Thursday as nearly nonexistent farmer selling led buyers to raise basis bids, dealers said.

The corn basis rose at an Iowa processor and an Iowa river terminal.

The soy basis rose at an Indiana processor and an Iowa river terminal.

Farmer selling has been slow amid depressed corn and soy prices and preparations for spring planting.

U.S. corn inventories will be tighter than previously expected before the next harvest, the U.S. Department of Agriculture said on Thursday, as it raised its forecast for exports.

The USDA lowered its 2024-25 corn stocks forecast to 1.465 billion bushels in a monthly report from 1.54 billion in March. Analysts expected 1.51 billion, according to a Reuters poll.

The agency raised its export forecast to 2.55 billion bushels from 2.45 billion bushels.

Rains have delayed corn and soy planting in parts of the U.S.

CBOT May soybeans SK25 were last up 7-1/4 cents to $4.81-1/4 a bushel as of midday. May corn CK25 was last up 12-1/2 cents to $10.25-1/2 a bushel.

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