US Cash Grains — Soybean, corn basis holds steady on tight spot supplies, lower futures

CHICAGO, Sept 18 (Reuters) — Spot basis values for corn and soybeans delivered to elevators and processors around the US Midwest were mostly steady on Friday, underpinned by tight supplies and lower futures prices. Spot soybean basis values were at a steep premium to bids for deferred deliveries at several western Midwest processing plants as harvest delays left some crushers short of needed supplies. Rain at times this week and forecasts for more showers through next week have slowed early harvesting, forecasters said. A crusher in Des Moines, Iowa, was bidding 70 cents a bushel more for soybeans delivered by next Wednesday than for beans arriving later in the month. A Sioux City, Iowa, processor offered farmers 90 cents to $1.15 more per bushel for soybeans delivered by next Friday than for beans delivered over the final five days of September. Chicago Board of Trade November soybeans ended 16-1/4 cents lower on Friday at $13.03-1/2 per bushel, while December corn settled 3 cents lower at $5.27-1/2 per bushel. Basis values are quoted against CBOT futures in cents/bu: Cu Pr rr ev en io t us Bi Bi d d Chicago, Illinois Corn processors -3 + Z -3 + Z UNC Corn elevators +5 + Z +5 + Z