CHICAGO: Spot cash basis bids for corn firmed at processor and river terminals in the eastern US Midwest on Monday, reflecting a lack of farmer offerings, grain dealers said.
Soybean basis bids were little changed after falling in several locations on Friday.
Producers continued to store most of their freshly harvested corn and hold out for higher prices, eyeing premiums for deferred Chicago Board of Trade futures contracts.
Monday's plunge in most CBOT corn contracts to life-of-contract lows added to their reluctance to sell.
One cash grain broker said of the projected record-large US corn harvest: "It's there, but you can't touch it."
An exception to the firm trend was Blair, Nebraska, where the corn basis fell by 5 cents.
After the close, the USDA said the US corn harvest was 91 percent complete, up from 84 percent a week earlier and ahead of the five-year average of 86 percent.
USDA said the soybean harvest was 95 percent finished, up from 91 percent the previous week and near the five-year average of 96 percent.
USDA rated 63 percent of the US winter wheat crop as good to excellent, down from 65 percent a week earlier.
At the CBOT, corn futures fell to a fresh three-year low on a proposal to lower the use of corn-based ethanol in the United States and news China rejected a cargo of US corn which contained a genetically modified variety not approved for import.
CBOT soybeans rose on bargain buying after a selloff on Friday and on a big number for soybeans in the USDA's weekly export inspections report.
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