US grain elevators on the Mississippi and Illinois Rivers on Friday cut their spot basis bids for soyabeans while corn bids were mixed, merchants said. A western Mississippi river terminal slashed soyabean bids by 19 cents per bushel after filling their needs for August and September, a grain merchant said. Corn and soyabean bids at elevators and processors in the Midwest were generally steady as corresponding futures for both grains on large US crop prospects.
After the Chicago Board of Trade corn close, the Pro Farmer newsletter forecast a record-large US corn crop of 14.728 billion bushels with an average yield of 170.2 bushels per acre.
The four-day Pro Farmer Midwest Crop Tour late on Thursday reported above-average soyabean pod counts in Minnesota and Iowa.