Spot basis bids for corn and soybeans delivered to U.S. Midwest processors and elevators were steady on Wednesday as some farmers sold off old-crop corn to make room in their bins for the upcoming harvest.

The soybean basis fell at an Iowa river terminal. Corn and soybean basis bids were steady elsewhere.

Some locations rolled their basis to the December contract.

In a weekly crop report, the U.S. Department of Agriculture rated 71% of the country’s corn crop as being in good or excellent shape as of August 24, unchanged from a week earlier, surprising analysts who had expected slight declines.

The agency increased the soybean crop rating to 69% good-to-excellent, up from 68% the previous week.

Chicago Board of Trade November soy futures (SX25) were last down 2-3/4 cents to $10.47-1/4 per bushel, while corn futures (CZ25) fell 3-1/4 cents to $4.06-1/4 a bushel.
Source: Reuters