Soy bids mixed as rains slow harvest, corn mostly steady-firm
DBA•Midwest soybean bids were mixed as rain-delayed harvest curbed grain flows in some areas, while corn bids were mostly steady to firmer. December corn futures rose 2 cents to $5.24 a bushel and November soybeans gained 8¼ cents to $13.06 as traders awaited the USDA quarterly grain stocks report.
1. Local bids diverge
Soybean basis bids fell 50 cents a bushel at a Decatur, Indiana, crushing plant for October and November delivery, but rose 8 cents at a Decatur, Illinois, crusher and 5 cents at Davenport, Iowa. Corn basis strengthened 15 cents for delivery by Friday at an Annawan, Illinois, ethanol plant.
2. Harvest and futures
Dealers said harvest delays continued to limit grain flows in some areas, while other locations lowered soybean bids ahead of expected increased supplies in October. At 10:53 a.m. CDT, December corn was up 2 cents at $5.24 a bushel and November soybeans were up 8¼ cents at $13.06, ahead of the USDA quarterly grain stocks report.
