US cash grains: Corn, soy basis higher amid quiet trading
USO•US Midwest basis bids for corn and soybeans rose as buyers sought to draw sales from farmers reluctant to sell. Futures were nearly unchanged, while analysts expect the USDA to estimate record soybean production of 4.597 billion bushels and corn production of 15.962 billion.
1. Basis bids rise
Basis bids for soybeans and corn turned higher in the US Midwest on Friday as buyers raised bids to attract sales from farmers reluctant to sell.
2. Production outlook
Analysts expect the USDA to estimate corn production at 15.962 billion bushels, down from 16.034 billion in October, and soybean production at a record 4.597 billion bushels, up from 4.562 billion. The harvest would be the second-largest corn crop on record, after last year's record crop. The USDA said the soybean harvest was 88% complete and corn harvesting was 74% complete as of Monday.
3. Futures little changed
Corn and soybean futures were nearly unchanged, balancing support from higher oil prices against expectations of ample global supplies. CBOT corn was last down 1 cent at $4.39 a bushel, while soybeans fell 3 cents to $11.85.
