US cash grains: Soy basis mostly steady-weak as harvest advances
USO•Soybean basis bids were mostly steady to weaker at Midwest processing plants and elevators as dry weather accelerated harvest. Basis fell 5 cents per bushel at facilities in Cedar Rapids and Council Bluffs, Iowa, and 15 cents at a Lincoln, Nebraska, processor.
1. Soybean basis weakens
Spot soybean basis bids were mostly steady to weaker on Thursday as dry weather promoted an active harvest pace. StoneX analyst Matt Zeller wrote that soybeans were coming out of fields and reaching elevators and end-users at a “breakneck pace” this week.
2. Corn bids mixed
Corn basis strengthened 15 cents per bushel at an ethanol plant in Linden, Indiana, and 5 cents at Davenport, Iowa, while falling 4 cents at an ethanol site in Council Bluffs, Iowa. Near midday, December corn futures were down 1-3/4 cents at $5.00-1/4 a bushel, and November soybean futures were down 8-3/4 cents at $12.88-3/4.
3. Crop estimates awaited
Market participants were awaiting updated monthly U.S. crop yield estimates from the U.S. Department of Agriculture, due Friday.
