Basis bids for corn and soybeans were steady to higher in the Midwest on Monday, reflecting demand from a few domestic processors as well as river elevators that ship grain by barge toward U.S. Gulf export terminals, spot checks showed.

• The corn basis improved by 5 cents a bushel at Decatur, Illinois, a grain processing hub, and by 3 to 5 cents at river elevators in Davenport, Iowa, and Morris, Illinois.
• The soybean basis firmed by 5 cents at crushing sites in Decatur, Illinois, and Lafayette, Indiana, and by 2 to 3 cents at river elevators.
• The CIF barge basis firmed at the Gulf, lifting Midwest river bids, on news that China’s state-owned grain trader COFCO bought at least 14 cargoes of U.S. soybeans on Monday, two traders with knowledge of the deals told Reuters.
• Eight of the vessels were for shipment in December and January from U.S. Gulf Coast terminals, while the rest were for shipment from Pacific Northwest ports, one trader said. A second trader estimated around 75% of the sales were for Gulf shipment, with the remainder from the PNW.
• On the domestic front, the National Oilseed Processors Association said that its members crushed a record-high 227.6 million bushels of soybeans in October, up 15.1% from September and above a range of trade expectations.
• After the close of the markets, the U.S. Department of Agriculture’s statistical database showed that the U.S. soybean harvest was 95% complete by Sunday and the corn harvest was 91% complete.
• On the Chicago Board of Trade, most-active January soybeans (SF26) settled up 32-3/4 cents at $11.57-1/4 per bushel.
• CBOT December corn (CZ25) ended up 4-1/2 cents at $4.34-3/4 per bushel.

Source: Reuters