Some soy basis bids ease; corn mixed
SOYB•Soybean basis bids weakened at some Midwest crushing plants and elevators, while corn basis was mixed. Wet conditions and slow harvest limited grain movement, with November soybeans down 15-1/2 cents to $12.77-1/2 a bushel and December corn down 3 cents to $4.97-3/4.
1. Soybean bids ease
Soybean basis fell 30 cents a bushel at a Cedar Rapids, Iowa, crushing facility, 5 cents at a Lafayette, Indiana, processor and 10 cents at a Toledo, Ohio, terminal elevator. At least five Iowa crushing plants continued to bid $1 or more per bushel over November soybean futures for early-October deliveries.
2. Wet weather slows harvest
Rains across much of the Midwest continued to slow soybean and corn harvest, limiting grain movement and supporting cash bids at other locations. The USDA said significant lowland flooding and excessively wet conditions had curtailed harvest activity in the wettest areas from southeastern Nebraska into southern Iowa and northern Missouri.
3. Corn basis mixed
Nearby corn basis fell 25 cents a bushel at an ethanol plant in Union City, Indiana, and rose 4 cents at a Council Bluffs, Iowa, ethanol site. As of 11:40 a.m. CDT, December corn was down 3 cents at $4.97-3/4 a bushel and November soybeans were down 15-1/2 cents at $12.77-1/2.
