Spot basis bids for soyabeans were steady to lower in the US Midwest interior on Thursday, pressured by a record-large harvest, dealers said. Corn bids were mixed, with the basis softening by 1 cent to 2 cents at river locations and at Blair, Nebraska, but firming by 4 cents at an Illinois ethanol plant. Rains were crossing parts of southern Wisconsin, Michigan and northern Illinois on Thursday, slowing fieldwork.
Private analytics firm Informa Economics raised its estimate of the US 2017 corn yield to 173.4 bushels per acre from 170.5 bpa but trimmed its soyabean yield outlook to 49.7 bpa from 50.0 bpa last month, trade sources said. Commodity brokerage INTL FCStone on Wednesday raised its estimate of the average US 2017 corn yield to 173.7 bpa from 169.2 bpa and left its soyabean yield forecast unchanged at 49.9 bpa.