US Cash Grains — Soybean spot basis continues to firm as crushers seek supplies, corn basis steady — weaker

CHICAGO, Sept 25 (Reuters) — Spot basis bids for soybeans firmed in the US Midwest on Friday, with basis bids improving as crushing plants continued to try to source soybean supplies, spot checks showed. Spot basis for corn was steady to weaker. Soybean processors in the western US Midwest are offering hefty premiums for immediate deliveries of the oilseed as persistent rains delay the early harvest, tightening supplies and forcing some plants to scale back production, according to interviews with grain merchandisers and publicly reported company data. That stress on supplies is starting to show up in basis bids in the central and eastern bands of the Midwest. On Friday, a processor in Morristown, Indiana, improved its spot basis bid for soybeans by 15 cents, to 40 cents a bushel over Chicago Board of Trade November soybean futures for crop delivered by Sunday — and then the basis bid flips to 20 cents under futures for deliveries made for the rest of this fall. Similarly, a soy processor in Lafayette, Indiana, improved its spot basis bid for soybeans by 15 cents to 25 cents over CBOT November futures for deliveries made by September 30. The basis bid then switches to 25 cents unde