Corn and soybean spot-basis bids mostly remained steady around the US Midwest on Thursday amid slow farmer sales and early harvest activity, grain merchants said. Aside from a few spot loads, merchants said farmers would wait for a market rally to spur new sales after selling heavily last week. Farmers are awaiting the US Agriculture Department's supply/demand report on Friday.
Early harvest has started in some portions of the Midwest with new crop supplies contributing a weaker tone in the market, dealers said. New crop corn quality and yield were being closely monitored. Harvest is expected to be in full swing across the region during the next few weeks.
Wet weather in the western and southern US Midwest is slowing early corn harvest but aiding late-season crop development. Barge freight costs were weaker on Midwest rivers. USDA seen paring US corn crop forecast to 13.203 billion bushels - analysts. USDA seen lowering US soy ending stock forecasts in its September 10 reports due to strong exports.