Spot basis bids for corn were narrowly mixed at U.S. Midwest elevators on Friday and unchanged at processing plants as futures climbed to a near-two-week peak, but farmer sales remained slow, merchants said.

Spot soybean basis bids were mostly steady at elevators and crush plants.

Corn and soybean crops have been developing under generally favorable weather this summer, and crop ratings are at the highest mid-July levels since 2016. Hot weather is forecast for the Midwest next week, which could stress some crops, but scattered rains forecast for the region are likely to offer crops some reprieve, meteorologists said.

CBOT September corn futures (CU25) settled 6-1/2 cents higher at $4.08-1/2 a bushel, while new-crop December corn (CZ25) was up 6-3/4 cents at $4.27-3/4 a bushel.

CBOT August soybean futures (SQ25) rose 6-1/4 cents to $10.27-3/4 per bushel and new-crop November soybeans (SX25) gained 9-1/4 cents to settle at $10.35-3/4 a bushel.
Source: Reuters