Processors lower corn basis bids as harvest widens
USO•Spot corn basis bids fell at some Midwest processors and ethanol plants as the widening harvest boosted fresh supplies. Bids dropped 10 cents per bushel in Decatur, Illinois, and 25 cents in Blair, Nebraska.
1. Harvest pressures bids
Spot corn basis bids declined at some U.S. Midwest processors and ethanol plants on Monday as a wider harvest increased the availability of fresh supplies. Traders expected farmers, who had focused on soybeans earlier in the autumn, to shift more attention to corn this week.
2. Harvest progress
Farmers had harvested 33% of the corn crop and 46% of soybeans as of October 11. The advancing harvests pushed down Chicago Board of Trade corn and soybean futures on Monday.
