Soybean basis steady to weaker as Midwest harvest progresses
CORN•US Midwest soybean basis bids were generally flat to weaker as harvest accelerated, including declines of 10 cents per bushel at a Cedar Rapids crusher and 5 cents at a Council Bluffs crusher. Corn basis bids were steady to stronger, while corn and soybean futures fell after the USDA raised its harvest estimates.
1. Soybean basis softens
Soybean basis weakened by 10 cents per bushel at a Cedar Rapids, Iowa, crushing facility, 5 cents at a Council Bluffs crusher and 3 cents at Davenport, Iowa, a Mississippi River barge-loading site. Dealers said accelerating harvest pressured bids at some processing locations.
2. Corn bids strengthen
Corn basis bids were steady to stronger as farmers focused on cutting soybeans, slowing corn deliveries. The basis improved by 5 cents per bushel at Decatur, Illinois.
3. Futures fall on estimates
At 11:32 a.m. CT, December corn futures were down 27-1/4 cents at $4.73 per bushel, and November soybeans were down 12-1/4 cents at $12.75-1/4. Futures turned sharply lower after the US Department of Agriculture raised its monthly estimates for the 2026 US corn and soybean harvests; analysts surveyed had expected a lower corn yield and no change to the soybean yield.
