Corn, soy basis mixed as farmer selling stalls
USO•US Midwest basis bids for corn and soybeans were mixed on Wednesday as farmer selling stalled amid relatively low prices. The USDA said soybean harvesting was 88% complete and corn harvesting 74% complete; futures fell to fresh lows as expectations for large crops and uncertainty over export demand weighed on prices.
1. Harvest and selling
Basis bids for soybeans and corn were mixed in the US Midwest as farmer selling stalled amid relatively low prices. Rain caused minor harvest delays in some areas.
2. Crop estimates and futures
The USDA said on Monday that the soybean harvest was 88% complete and the corn harvest 74% complete. It expects the largest-ever soybean crop and the second-largest corn crop on record. StoneX raised its estimates for this year's US corn and soybean crops on Tuesday.
3. Prices and bids
Chicago corn eased to another four-month low and soybean futures slipped to a fresh 11-week low, pressured by expectations for large US crops and uncertainty over export demand. Corn was last up 4-1/2 cents at $4.47 a bushel, while soybeans fell 6-1/4 cents to $12.08 a bushel.
