Cash basis bids for corn were mostly steady to weak around the US Midwest on Friday as some farmers sold grain amid an accelerating pace of harvest but others resisted after futures tumbled more than 3 percent, grain merchants said. Corn bids remain capped by rising supplies from a record large 2014 crop, which as of last weekend was 17 percent harvested.
Spot soyabean basis bids were mixed, with limited country movement supporting values in the eastern Midwest and scattered farmer selling weighing on bids in the western Corn Belt. Chicago Board of Trade corn and soyabean futures plunged on Friday after the US Department of Agriculture raised its production forecasts for both commodities in a monthly report.
Active soyabean harvesting dragged down basis bids at some Iowa locations. A river elevator manager in Davenport said receipts through the weekend could be the heaviest of the season and basis there fell 15 cents a bushel. Spot basis in Council Bluffs declined 2 cents. Limited soyabean movement underpinned basis values in the eastern Midwest, with the basis bid at Toledo rising 5 cents. A closely followed soyabean processor in Decatur, Illinois, lifted its spot soyabean bid by 5 cents.
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