Spot basis bids for corn and soybeans delivered to U.S. Midwest elevators and processors were mostly steady to lower on Friday as futures posted moderate weekly gains, while buyers looked ahead to heftier supplies once the harvest ramps up in the coming weeks, grain merchants said.

U.S. farmers will harvest a record corn crop in 2025 after ideal weather across much of the Midwest this summer, but the bounty will fall short of the U.S. government’s lofty outlook as pockets of plant disease and heat stress dented yields in spots across the farm belt, crop consultancy Pro Farmer said on Friday. Growers are also expected to reap a bumper soybean crop.

A large soy processor in Decatur, Illinois, lowered its spot basis bid by 5 cents a bushel on Friday, joining several other crushers that have trimmed bids this week. Crush industry demand for beans has slowed this month as processing plants are taking downtime for seasonal maintenance and repairs ahead of the fall harvest.

An elevator in the Chicago area continued to post a quick-ship premium of 15 cents a bushel for corn delivered before next week.

An elevator in Council Bluffs, Iowa, rolled its corn bid from the September futures contract (CU25) to the December (CZ25), resulting in a 4-cent drop in the cash price.

CBOT December corn futures (CZ25) ended 1/4 cent lower at $4.11-1/2 per bushel, while November soybeans (SX25) settled 2-1/2 cents higher at $10.58-1/2 per bushel. Both were up about 1.5% for the week.
Source: Reuters