US Cash Grains-Soy basis softens, corn bids show mixed changes

CHICAGO: US spot soybean basis bids were steady to weaker in the US Midwest on Monday while basis bids for corn were steady to mixed.

* Ahead of the US Department of Agriculture's weekly crop progress report due later on Monday, analysts surveyed by Reuters on average expected the government to report the US corn crop as 71 percent planted and the soybean crop as 42 percent planted.

* Wet weather has caused widespread planting delays across the US Midwest and Plains. Analysts estimated the five-year average for planting progress at this time of year as 96 percent for corn and 79 percent for soybeans.

* Late planting can reduce yields, and some growers are worried that delays may limit how many acres they can plan and the number of bushels per acre they will produce.

* Chicago Board of Trade corn futures were lower while soybean futures were firm.

* At 12:51 p.m. CDT (1741 GMT) July corn was down 4 cents at $4.23 a bushel, and July soybeans were up 1-1/4 cents at $8.79 a bushel.