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US Cash Grains-Corn basis steady-firm as futures sag, slowing farmer sales

Basis bids for corn were steady to stronger in the U.S. Midwest on Friday, firming at river terminals and a processing site as Chicago Board of Trade (CBOT) corn futures fell for a fourth straight session, chilling farmer grain sales, merchandisers said.

* Demand for corn from U.S. Gulf exporters helped support grain bids at Midwest river elevators that load barges for shipment toward New Orleans. The corn basis firmed by 3 cents at Morris, Illinois, on the Illinois River, and at Davenport, Iowa, on the Mississippi River.

* U.S. corn is competitively priced in global export markets, traders said. GRA/F

* In the Midwest interior, the corn basis firmed by 5 cents at Blair, Nebraska, site of a large processor.

* Soybean basis bids held steady, spot checks showed on Friday, while improving crush margins supported processor demand for replacement soybeans.

* At the CBOT, July corn futures CN24 ended down 2-1/2 cents at $4.46-1/4 per bushel and July soybeans SN24 fell 4-3/4 cents to end at $12.05 a bushel.

* The U.S. Department of Agriculture on Friday reported export sales of old-crop corn in the week ended May 23 at 810,100 metric tons, in line with trade expectations for 600,000 to 1,000,000 tons.

* The USDA reported export sales of old-crop soybeans for the week at 329,400 metric tons, in line with trade expectations for 200,000 to 400,000 tons.

* Showers and storms were expected across the U.S. Midwest from the weekend into next week, followed by dry windows for planting, analysts said.
Source: Reuters (Reporting by Renee Hickman; Editing by Cynthia Osterman)

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