Corn, soybean basis bids mostly steady-lower

Spot basis bids for corn and soybeans were mostly steady to weaker at river terminals and grain elevators in the U.S. Midwest on Tuesday, according to a spot check of locations.

• Traders monitored weather forecasts as autumn harvests drew closer in the Midwest.

• The U.S. Department of Agriculture, in a weekly progress report, rated 69% of the nation's corn crop as being in good or excellent condition, compared to 71% a week ago. The soy crop was rated 65% good-to-excellent, compared to 69% a week ago.

• The USDA is slated to issue its first update on the progress of the national corn harvest in its report next week.

• Traders were trying to assess the impact on crops from plant diseases and recent dry weather.

• U.S. soybean futures fell to a 1-1/2 week low as China continued to avoid buying from the United States and as forecasts for improved rains in the coming days reinforced expectations for a sizeable Midwest harvest.

• A river terminal near Davenport, Iowa, lowered its soybean basis bid by 9 cents a bushel.

• A corn elevator near Chicago rolled its basis to the December contract from the September contract.

Basis values are quoted against CBOT futures in cents/bu:

NOTE: 0 = Option Price, UNC = Unchanged, UNQ = Unquoted, NC = Not Comparable, DP = Delayed Price, N/A = Not Available, F = January, H = March, K = May, N = July, Q = August, U = September, X = November, Z = December

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LINKS: (0#USCSHGRN-AM)

For U.S. forward basis spreadsheets, please click on:

(CORN/BASIS), (SOYA/BASIS), (WHEAT/BASIS), (MILO/BASIS)

- CBOT corn report

- CBOT soybean report

- CBOT wheat report

- U.S. grain barge freight values

- U.S. Midwest cash grain AM

- U.S. CIF/FOB Gulf Grain