CHICAGO, Jan 8 (Reuters) - Spot basis bids for corn fell and soy bids were mixed on Wednesday as Chicago Board of Trade futures came under pressure from a rising dollar and rain chances in dry Argentina crop belts.

* The soy basis rose at an Ohio elevator and Illinois processor. The basis fell at an Indiana processor.

* The corn basis fell at an Illinois ethanol plant and Ohio river terminal.

* Farmer selling has risen after recent strength in futures markets, an analyst said.

* Uncertainty surrounding incoming U.S. President Donald Trump's trade policies continues to add volatility to markets.

* Rain projected over parts of Argentina is expected to ease heat stress to the corn and soy crop, though the showers are likely to miss the majority of the country's corn and soy-growing areas, an analyst note said

* U.S. exporters sold 120,000 metric tons of soybeans to unknown destinations for 2024/25 delivery, the U.S. Department of Agriculture reported.

* CBOT most-active corn Cv1 was last down 1-3/4 cents to $4.56-1/4 per bushel and most-active soybeans Sv1 were last down 3/4 cents at $9.96-1/2 a bushel.

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

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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 Heather Schlitz; Editing by Tasim Zahid)

((Heather.Schlitz@thomsonreuters.com;))