Basis bids for corn were mostly steady in the U.S. Midwest on Friday with only a few mixed changes, spot checks showed, as farmers start to harvest what is projected to be a record-large corn crop.

The spot basis firmed by 4 cents a bushel at Blair, Nebraska, site of a large corn processing plant.

But the basis fell by 9 cents at an Evansville, Indiana, rail terminal that supplies corn to the southeastern U.S. poultry and pork sectors.

Soybean basis bids were mostly flat on Friday afternoon after weakening this week at several soy crushing plants.

Still, some locations appeared to need prompt deliveries of the oilseed. A Sioux City, Iowa, crusher left its basis bid for soybeans delivered by Saturday at par with the price of Chicago Board of Trade November (SX25) soybean futures, while soybeans delivered the following week were bid at a 45-cent discount to November futures.

Chicago Board of Trade corn and soybean futures rallied to close higher on Friday, shaking off pressure from the U.S. Department of Agriculture’s larger-than-expected estimates for production and acreage of both crops.

CBOT December corn (CZ25) settled up 10-1/4 cents at $4.30 a bushel and November soybean futures (SX25) settled up 12-3/4 cents at $10.46-1/4 a bushel.
Source: Reuters