US cash grains: Corn, soy basis mixed as futures fall
CORN•Spot basis bids for corn and soybeans were mixed as futures continued to fall. The most-active corn contract was down 1.04% at $4.50-1/4 a bushel, while soybeans fell 0.2% to $12.50.
1. Harvest pressures futures
Farmers continued harvesting as funds liquidated positions, with crops flooding into the US market. The US soybean harvest was 79% complete as of Sunday, in line with trade expectations, while the corn harvest was 60% finished, ahead of the average estimate in a poll of 10 analysts.
2. Cash bids mixed
Spot basis bids for corn and soybeans were mixed across elevators, processors, river terminals and ethanol plants. At 11:43 a.m. CDT, the most-active corn contract was down 1.04% at $4.50-1/4 a bushel and soybeans were down 0.2% at $12.50.
