CHICAGO, Jan 22 (Reuters) - Spot basis bids for soybeans were steady to weaker in the U.S. Midwest on Wednesday, reflecting slowing demand from processors and elevators after a rally in Chicago Board of Trade soybean futures Sv1 since mid-January prompted farmers to sell supplies of the oilseed.

* The soybean basis fell by five cents a bushel at crushing sites in Council Bluffs, Iowa, and Lincoln, Nebraska, and fell by a penny at an elevator in Cincinnati, Ohio.

* Corn basis bids were mostly unchanged after softening at some locations over the last week in response to a stepped-up pace of farmer selling.

* Frigid conditions were easing in the western half of the Corn Belt, facilitating the movement of grain, but temperature readings were below zero degrees Fahrenheit (minus-18 degrees Celsius) early on Wednesday to the east, including the Ohio Valley and the lower Great Lakes region, the U.S. Department of Agriculture said in a daily weather note.

* On the CBOT, March soybean futures SH25 were down 14-1/2 cents at $10.53 a bushel at mid-session, while March corn CH25 was down seven cents at $4.83 a bushel. Both contracts were retreating from multi-month highs set earlier in the session. GRA/

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 = JulyQ = August, U = September, X = November, Z = December

--------------------------------------------------------

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

(Reporting by Julie Ingwersen; Editing by Rod Nickel)

((Julie.ingwersen@thomsonreuters.com; 1-313-484-5283; Reuters Messaging: julie.ingwersen.thomsonreuters.com@reuters.net))