CHICAGO, July 14 (Reuters) - Basis bids for soybeans and corn shipped by barge to U.S. Gulf Coast terminals were steady to higher on Tuesday, as hot and dry conditions have investors closely tracking any impacts on the nation's corn crop, traders said.
- Much of the nation's corn crop pollinates in July, a critical phase for determining yields.
- Updated forecasts moderated some of the heat that had been expected next week, although the weather remains hot this week, with highs in the northwestern Midwest reaching 95 to 100 degrees Fahrenheit (35 to 38 degrees Celsius), the U.S. Department of Agriculture said in a daily weather note.
- Chicago Board of Trade corn and soybean futures declined modestly on Tuesday on a surprise improvement in weekly U.S. crop condition ratings and slightly less-threatening forecasts for the Midwest crop belt, analysts said.
- Brazil's total grain crop is expected to reach 360.11 million metric tons in the 2025/26 season, national crop agency Conab said on Tuesday, raising its forecast from the 358.64 million tons projected in June. The new estimate, driven mainly by higher soybean and corn production, would mark a 2.2% increase from the previous season.
- Nearby empty freight barge rates firmed, with prices ticking up on the Illinois River and along parts of the Mississippi River, including at St. Louis, Missouri, traders said. US/BG
- Chicago Board of Trade fund traders were net sellers of corn and soyoil futures on Tuesday, and net buyers of soybeans, wheat and soymeal.
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