Spot basis bids for soybeans were mostly steady to lower at river terminals and processors in the U.S. Midwest on Friday, as U.S. soybean futures posted a weekly loss, according to a spot check of locations.

Spot basis bids for corn were mostly steady, but did improve in some locations.

U.S. corn futures retreated from a 6-1/2-week high on Friday as early short-covering support faded and traders squared positions ahead of next week’s monthly U.S. government crop supply and demand report, and as farmers prepared to harvest a record crop.

Grain merchants at several Midwest grain elevators said they saw a spate of selling by farmers early in the day, which slowed as corn futures fell.

A large soy processor in Decatur, Illinois, lowered its spot basis bid by 10 cents a bushel on Friday, joining several other crushers that have trimmed bids this week.

Crush industry demand for beans has continued to slow this month as processing plants are taking downtime for seasonal maintenance and repairs ahead of the fall harvest.

CBOT December corn futures (CZ25) ended 1-3/4 cent lower at $4.11-1/2 per bushel, while November soybeans (SX25) settled 6 cents lower at $10.27 per bushel.
Source: Reuters