Spot basis bids for corn and soybeans were mostly steady in the U.S. Midwest on Friday as futures dipped on favorable weather raising expectations for a large autumn harvest.

The soybean basis fell at a river terminal in Morris, Illinois.

The basis was unchanged at all other locations in a spot check.

Rain is maintaining mostly favorable soil moisture reserves for crops in the Midwest, with temperatures remaining below stressful levels, the U.S. Department of Agriculture said in a daily weather report.

A monthly USDA report trimmed the outlook for the nation’s soybean harvest to 4.335 billion bushels, from a June outlook for a 4.340 billion-bushel crop. That was largely in line with the average analyst estimate of 4.334 billion bushels in a Reuters poll.

U.S. corn inventories will shrink to their lowest in four years ahead of what is expected to be a record autumn harvest, the USDA said in the same report.

CBOT December corn (CZ25) settled down 4-1/4 cents at $4.12-1/4 a bushel.

November soybeans (SX25) ended down 6-1/2 cents at $10.07-1/4 a bushel.
Source: Reuters